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8:30am 03/15/04 MARCH EMPIRE STATE INDEX 25.3 VS 42.1 IN FEB
8:30am 03/15/04 MARCH EMPIRE STATE INDEX BELOW CONSENSUS 38.7

New York manufacturing index falls sharply in March
WASHINGTON (CBS.MW) -- Manufacturing activity in the New York area slowed in March from a record pace in February, according to the New York Federal Reserve Bank.
The bank's Empire State Manufacturing index fell to 25.3 in March from 42.1 in February.
The index had been above 30 for five straight months.
Readings over zero indicate expansion.
The decline was sharper than expected. Economists were expecting the index to slip to 38.7 in March.
The new orders index fell to 23.5 from 34.9, while shipments fell slightly to 26.3 from 26.6.
The employment index fell to 9.7 from 16.5 while the workweek index fell to 11.9 from 26.5.