Empire State Manufacturing Rebounds in January

Written by Sandy Williams

The Empire State Manufacturing Survey indicated expanding business activity in January. The headline general business conditions index climbed 11 points to 10.0 after falling below zero last month.

New orders had a modest increase rising six points to 6.1, as did shipments with a seven point rise to 9.6. The unfilled orders index remained negative at -8.4. New York manufacturers saw shorter delivery times and a decline in inventory levels.

Input prices increased modestly from December to January. Selling prices increased at a faster rate in January jumping from 6.25 to 12.6—a second month of increase for the prices received index.

Employment indices were mixed with employment levels up 5 points but hours worked were down for the fourth consecutive month.

New York manufacturers were optimistic about future business activity. The future general business index leapt nine points to 48.8 with nearly 60 percent of those surveyed expecting conditions to improve. Indexes for future new orders and shipments rose above the 40 level. Workforce expansion is projected by respondents. The index for number of employees rose 11 points to 31.6 to its highest level in almost three years.

The outlook for capital expenditure spending remained relatively unchanged while the index for technology spending fell slightly.

The Empire State Manufacturing Survey is a monthly survey of manufacturers in New York State conducted by the Federal Reserve Bank of New York.

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 or 800-432-3475.

{amchart id=”140″ Empire State Manufacturing Index and 3MMA}


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