NEW YORK, Feb. 15 (Xinhua) -- Manufacturing firms in U.S. New York State reported that business activity continued to expand, though at a somewhat slower pace than last month, according to a report released on Thursday.
The February Empire State Manufacturing Survey showed its headline general business conditions index fell five points to 13.1, lower than market expectation, suggesting a somewhat slower pace of growth than in January.
Thirty-seven percent of respondents reported that conditions had improved over the month, while 24 percent reported that conditions had worsened.
The new orders index was little changed at 13.5, and the shipments index was also little changed at 12.5-readings that indicated ongoing growth in orders and shipments, according to the survey.
The unfilled orders index remained positive for a second consecutive month, reflecting a small increase in unfilled orders.
The delivery time index rose eight points to 11.1, a sign that delivery times lengthened.
The inventories index declined but remained positive at 4.9, suggesting that inventory levels edged higher.
The index for number of employees rose to 10.9, signaling a modest increase in employment levels, and the average workweek index rose to 4.6, indicating that hours worked also climbed.
Looking ahead, firms continued to be optimistic about the six-month outlook.
The index for future business conditions edged up two points to 50.5.
The index for future delivery times reached a record high of 15.3, indicating that firms expected longer delivery times in the months ahead.
The index for future prices paid stayed close to last month's multiyear high, and the capital expenditures index, at 31.9, showed that firms' capital spending plans remained strong.
