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New York manufacturing activity growth picks up in March

Manufacturing activity in New York grew at a faster rate in March, reflecting strong gains in orders and shipments, the Federal Reserve Bank of New York's Empire State Manufacturing Survey showed.

The headline general business conditions index rose 9.4 points to 22.5 for the month from 13.1 in February.

The new orders index climbed 3.3 points to 16.8 from 13.5, while shipments added 14.5 points to 27, after declining 1.9 points to 12.5 in February.

Unfilled orders rose 7.8 points to 12.7 for the month, from 4.9 in February, pointing to an ongoing rise in unfilled orders, according to the survey.

The delivery time index signaled continued lengthened delivery times as it rose 5.1 points to 16.2, while the inventories index edged up 0.7 point to 5.6.

Meanwhile, the index for future business conditions fell 6.4 points to 44.1 in March, which indicates that manufacturing firms were less optimistic compared with the previous month about the business conditions for the next six months.

Manufacturing firms expect unfilled orders to increase and inventories to move higher. The index for future prices paid, which reached its highest level in several years, indicates a widespread expectation for input prices to increase in the coming months. The capital expenditures index, although slipping to 29.4, indicates that firms' capital spending remained strong, the New York Fed said.