For April
Provided by: Federal Reserve Bank of New York

The better than expected report helped to boost the Dollar in early NY trading. 

From the Release:

"The Empire State Manufacturing Survey indicates that manufacturing activity in New York stabilized in April after deteriorating in February and March. The general business conditions index rose sharply, to 0.6. The new orders and shipments indexes also moved into positive territory, the latter climbing 23 points. The prices paid index advanced to its highest level since late 2005, and the prices received index rose modestly. Employment indexes hovered near zero. Future indexes were generally weaker than in March, and the capital expenditures index, while positive, fell to its lowest level since 2003. "

For March
Release from Federal Reserve Bank of New York

The NY Empire Manufacturing Index plunged to a new record low of -22.2. This is unwelcome news for the area covered by the NY Federal Reserve. Expectations were for an improvement in the indicator. The NY "Empire" Index is one of the timeliest indicators and suggests that the manufacturing sectors is sliding into poor territory, following the Philly Fed Index. With housing in recession, the economy shedding jobs, financial firms sending the stock markets into bear territory, a turndown in manufacturing is just another negative fundamental piled on to the struggling US.   

"The Empire State Manufacturing Survey indicates that conditions for New York manufacturers deteriorated further in March. The general business conditions index fell another 11½ points to -22.2, a reading that eclipsed the record-low of -19.6 set in November 2001. Although the new orders index rose modestly, the shipments index edged down, and both remained in negative territory. The prices paid index rose for the third consecutive month, reaching its highest level since mid-2006, but the prices received index declined. Employment indexes remained close to zero. Future indexes were generally positive and up slightly for the month, but still well below levels of late last year. However, the future employment indexes rebounded noticeably after falling steeply in February."

For February
Release from Federal Reserve Bank of New York

"The Empire State Manufacturing Survey indicates that conditions for New York manufacturers deteriorated in February. The general business conditions index tumbled nearly 21 points to -11.7, falling below zero for the first time since May 2005. The new orders and shipments indexes also dropped into negative territory. The prices paid index rose for a second consecutive month, to its highest level in considerably more than a year, while the prices received index remained elevated but close to January’s level. Employment indexes dipped below zero. Future indexes were generally positive, but well below levels of late last year. In particular, future employment indexes posted significant declines, hovering just above zero.

In response to a series of supplementary questions on exchange rate changes (see Supplemental Report tab), manufacturers generally reported that the depreciation of the dollar had adversely affected their business: although the net effect of the weaker dollar on sales to foreign customers was positive, the effect on domestic sales was on balance somewhat negative. A majority of firms also noted that the change in the dollar exchange rate had negatively affected the prices they paid for materials and other inputs."