The latest Empire State Manufacturing Survey indicates that production in New York state expanded at a moderate pace.
The Federal Reserve Bank of New York said in its March report the general business conditions index was little changed at 20.2, marking a fourth consecutive positive reading.
The indices for new orders and shipments were both positive but slightly lower, though the pace slowed in the last month. The prices paid index rose a steep 25 points to 50.6, its highest level since summer 2011, and the prices received index was positive but two points lower than in February. Employment rose and indicated continued growth in both employment levels and the average workweek.
Also, the report said the indices for the six-month outlook, though generally somewhat lower than they were last month, conveyed a high degree of optimism, and the capital spending index rose to its highest level in more than a year.