Economy
Empire State Manufacturing Index Gains 9 Points
Written by Sandy Williams
April 16, 2016
The Empire State Manufacturing Survey reached its highest level in more than a year in April. The headline general business index rose 9 points to 9.6, continuing a second positive month with respondents reporting business conditions have improved.
New orders picked up two points to register 11.1 after making strong gains in March. Shipments continued to expand although slipping slightly to 10.2. Indexes for unfilled orders and delivery times registered near zero for April. Inventory levels moved slightly lower indicated by a reading of -4.8.
Input prices increased at a faster rate in April with the prices paid index climbing 16 points to 19.2. Prices received index gained nine points to register 2.9, showing a slight increase in selling prices.
Employment levels were mostly steady in April’s survey. The index for number of employees rose slightly to 2.0 and the average work week index was unchanged at 2.0.
Bloomberg writes, “What’s really impressive in this report is that key readings are all in solid and sustainable positive ground. This year’s depreciation in the dollar is a certain plus for exports and may now be emerging as a plus in factory data.”
New York manufacturers were more optimistic about future business conditions. The index for the six-month outlook gained four points to register 29.4, its third consecutive increase. Future shipments and orders are expected to improve. Employment is expected to rise modestly in the next six months.
More capital and technology spending is on the horizon.
The Empire State Manufacturing Index is conducted monthly by the Federal Reserve Bank of New York.
Below is a graph showing the history of the Empire State Manufacturing Index. You will need to view the graph on our website to use it’s interactive features, you can do so by clicking here. If you need assistance with either logging in or navigating the website, please contact our office at 800-432-3475 or info@SteelMarketUpdate.com.
Sandy Williams
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