US: Empire Fed manufacturing index climbs to 22.5 in March

Business activity grew robustly in New York State, revealed the monthly survey of manufacturers conducted by the Federal Reserve Bank of New York. 

Key highlights:

   •  The headline general business conditions index climbed nine points to 22.5. 
   •  The new orders index rose to 16.8 and the shipments index advanced to 27.0—readings that pointed to strong growth in orders and shipments. 
   •  Unfilled orders increased, delivery times lengthened, and inventories edged higher. 
   •  Labor market indicators showed an increase in employment and hours worked. 
   •  After reaching a multiyear high last month, the prices paid index moved up further, reflecting ongoing and widespread increases in input prices. 
   •  The prices received index held steady and suggested moderate selling price increases. 
   •  Firms remained optimistic about future business conditions, though less so than last month, and capital spending plans remained strong.