NY Fed Empire State Manufacturing Index drops to 3.7 in March vs 10 expected

 "The headline general business conditions index fell five points to 3.7," the Federal Reserve Bank of New York said in its latest Empire State Manufacturing Survey.

Key quotes

• New orders increased only marginally, while shipments grew modestly.
• Delivery times and inventories held steady.
• Labor market indicators pointed to an increase in employment, but a small decline in hours worked.
• The prices paid index moved higher for the first time in four months, pointing to a pickup in input price increases, while the prices received index moved lower, indicating a slowing in selling price increases.
• Indexes assessing the six-month outlook suggested that firms remained fairly optimistic about future conditions.