Businesses across New York State were somewhat less likely to report improving conditions in the latest Empire State Manufacturing Survey from the Federal Reserve Bank of New York. The headline general business conditions index edged down 2.8 points to 2.0, albeit still in positive territory, while optimism over the six-month outlook also declined.

The monthly survey’s index for future business conditions fell 12 points to 13.7. The indexes for future new orders and shipments also moved lower. “Firms expected increases in employment levels, but no change in the average work week in the months ahead,” according to the New York Fed.

Concurrent with the decline in optimism about future conditions was increasing caution about capital spending. The New York Fed said the capital expenditures index plunged 19 points to 4.6, its lowest level in three years, and the technology spending index fell to 6.5, also a multi-year low.

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