Economy
Business Steady in NY with Optimism for Future
Written by Sandy Williams
October 16, 2013
Business conditions held steady for New York manufacturers according to the October Empire State Manufacturing Index. The general business index fell 5 points to 1.5 but remained in growth status. The new orders index rose 5 points while shipping fell 3 points, suggesting modest increases for both indexes for the month.
The prices paid index remained at 21.7 for the month and the prices received index dropped 6 points to 2.4. Labor conditions in New York were relatively steady for October.
New York manufacturers continued to show optimism in the six-month outlook with the future general index registering 40.8. Future orders and shipments are expected to increase along with pries paid. The future prices paid index rose 6 points to 45.8. Future prices received remained steady.
New Yorkers can look forward to increases in employment according to survey respondents.
In supplementary questions looking ahead one year, manufacturers said they expect an increase in borrowing needs and tighter credit availability.
The Empire State Manufacturing Survey is published by the Federal Reserve Bank of New York. It is based on a questionnaire sent to approximately 200 executives in the manufacturing industries and is compiled from responses typically received from 100 companies.
Sandy Williams
Read more from Sandy WilliamsLatest in Economy
Steel groups welcome passage of budget bill
Steel trade groups praised the passage of the Big Beautiful Bill (BBB) in Congress on Thursday.
Industry groups praise Senate for passing tax and budget bill
The Steel Manufacturers Association and the American Iron and Steel Institute applauded the tax provisions included in the Senate's tax and budget reconciliation bill.
Chicago PMI dips 0.1 points in June
The Chicago Purchasing Managers Index (PMI) slipped 0.1 points to 40.4 points, in June.
Multi-family pullback drives housing starts to 5-year low in May
US housing starts tumbled in May to a five-year low, according to figures recently released by the US Census Bureau.
Architecture firms still struggling, ABI data shows
Architecture firms reported a modest improvement in billings through May, yet business conditions remained soft, according to the latest Architecture Billings Index (ABI) release from the American Institute of Architects (AIA) and Deltek.