The New York Fed says its manufacturing survey for the tri-state area ticked up to 5.61 for March.
Consensus was for a reading of 7.00 compared with 4.48 prior.
Unfilled orders fell to -16.47 from -6.25. Inventory levels rose. The employment index was slightly higher.
Capital Economics says there’s no real sign of a slow-down:
The rise in the US Empire State index to +5.6 in March, from +4.5, was most probably constrained by the unusually wintery weather at the start of the month, with northern New York State hit by yet another big dump of snow only last week. While the sub-indices provide a mixed picture, there is no sign of an impending slowdown in the region’s manufacturing activity. It was the challenge of coping with the continuous run of bad weather over the past three months that has prevented businesses from increasing output. But now that the weather is getting back to normal, we expect further increases in the Empire State index.
Here’s what it’s been looking like recently — basically, very little improvement.