Economy

NY Business Conditions Rebound in May

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}