Economy
Empire State Manufacturing Index Dips in August
Written by Sandy Williams
August 15, 2014
Current manufacturing conditions in New York slipped in August according to the latest Empire State Manufacturing Index. The headline index for general business conditions dropped 11 points to register 14.7 after reaching a four year high of 25.6 in July. The survey still indicates manufacturing growth but not as widespread as previously, said the Federal Reserve Bank of New York.
The index for new orders decreased by five points to 14.1 in August, while the shipments index rose one point to 24.6. Unfilled orders were down one point to -8.0 indicating a decrease in backlogs. Inventories were leaner as evidenced by an 11 point drop to -14.8 for the inventory index.
The drop in the headline number surprised economists who expected a reading of around 20 for August.
Manufacturing conditions in New York are looking good in the six month outlook according to the manufacturing companies in the survey. The index soared 18 points to its highest level since 2012, registering 46.8.
“Despite the pullback in most of the survey’s indexes for current conditions, optimism about the near-term outlook grew increasingly widespread,” said the New York Fed in its release.
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
US construction spending drops again in August
Construction spending in the US declined for a third month in August but showed an increase year over year (y/y). The US Census Bureau estimated construction spending to be $2.131 trillion in August on a seasonally adjusted annual rate (SAAR). While this was 0.1% below July’s revised spending rate, it was 4.1% higher than spending […]
ISM: Manufacturing contracts again in September
US manufacturing activity contracted for the sixth consecutive month in September, according to the latest report from the Institute for Supply Management (ISM). The index has indicated a contracting industrial sector for 22 of the past 23 months.
Chicago Business Barometer remains gloomy in September
The Chicago Business Barometer increased marginally in September but continues to indicate deteriorating business conditions.
Consumer confidence sours in September
The Conference Board reported that consumer confidence in the US dropped to one of the lowest readings of the year in September. With concerns mounting about business conditions and the labor market, the tumble was the biggest monthly decline since August 2021.
September energy market update
In this Premium analysis we cover oil and natural gas prices, drilling rig activity, and crude oil stock levels in North America. Energy prices and rig counts are advance indicators of demand for oil country tubular goods (OCTG), line pipe, and other steel products.