Economy
NY Business Conditions Rebound in May
Written by Sandy Williams
May 15, 2014
Manufacturing conditions improved significantly in May according to the Empire State Manufacturing Survey published by the Federal Reserve Bank of New York. The general business conditions index leapt 18 points to 19.0, up from a weak reading of 1.3 in April and at its highest level in four years.
New orders and shipments rose from a negative reading last month to 10.4 in May. The shipments index rose 14 points to 17.4.
Price increases slowed somewhat in May. The prices paid index dropped three points to 19.8 and prices received index fell four points to 6.6.
Employment levels surged in May, increasing 13 points to 20.9 on the index for number of employees. Workweek hours were relatively unchanged.
The future outlook was rosy. The index for future general business conditions was at its highest level in more than 2 years with 53 percent of respondents expecting improving conditions over the next six months. The future new orders index rose four points to 36.71. The future shipments index, however, declined by 5 points to 33.8. Future prices paid and received remained fairly steady.
The future employee number index fell five points to 17.6 and the average workweek index dropped to -3.3. Capital spending is expected to increase moderately but less spending is likely on technology.
Below is an interactive graphic of the Empire State Manufacturing Index History and a three month moving average (3MMA), but it can only be seen when you are logged into the website and reading the newsletter online. If you need any assistance logging in or navigating the website, contact us at info@SteelMarketUpdate.com or 800-432-3475.
{amchart id=”140″ Empire State Manufacturing Index and 3MMA}
Sandy Williams
Read more from Sandy WilliamsLatest in Economy
Steel Summit: ITR economist urges execs to prepare for growth, not recession
If the steel industry professionals who made it to the very final presentation of this year’s SMU Steel Summit were expecting another round of cautious forecasting, they were in for a surprise. Because what they got was a wake-up call.
ISM: Manufacturing growth remained down in August
US manufacturing activity remained muted in August despite a marginal gain from July's recent low, according to supply executives contributing to the Institute for Supply Management (ISM)’s latest report.
Steel Summit: Dr. Basu blames tariffs for riskier path ahead
Steel executives packed the main conference hall of the 2025 SMU Steel Summit on Tuesday, Aug. 26, to hear economist Dr. Anirban Basu lay out his blunt view of tariffs, inflation, and demand.
Steel Summit: Schneider sees SDI ‘on the edge of a very good run’
Steel Dynamics Inc. (SDI) President and Chief Operating Officer, Barry Schneider, remains bullish about the Fort Wayne, Ind.-based steelmaker’s position in the current market.
US housing starts gain momentum in July
US housing starts rose in July both month-on-month and year-on-year, according to figures from the US Census Bureau.