Economy
Empire State Manufacturing Survey Plummets in May
Written by Sandy Williams
May 16, 2016
New York manufacturers reported declining general business conditions in the May Empire State Manufacturing Survey. The headline index fell 19 points to -9.0. The indexes for shipments and new orders both fell into negative numbers at -1.94 and -5.54, respectively.
The three month moving average (3MMA) of the index rose from -2.15 in April to +0.39 in May. This time last year, the 3MMA was +2.90.
Input prices increased slightly while selling prices decreased somewhat. The inventory index suggests inventories were lower.
Employment levels were relatively unchanged other than a decline in average workweek hours.
In the six month outlook, manufacturers were less optimistic than in April regarding future general business conditions. New orders and shipments trended lower in the future outlook. Capital spending plummeted from an index reading of 22.12 in April to 3.13 in May, the lowest reading in more than two years.
The Empire State Manufacturing Survey 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
Read more from Sandy WilliamsLatest in Economy
ISM September survey captures deepening manufacturing gloom
The Institute for Supply Management’s (ISM) latest monthly report on manufacturing reflects a bleak view of American industry in September.
Key industries concerned over government shutdown’s impact on steel, manufacturing
Trade groups cautioned that a prolonged shutdown could strain US industry.
Chicago Business Barometer catches cold winds of contraction in September
The Chicago Business Barometer's September reading indicates a softening in overall business activity in the Midwest for the third consecutive month, with new orders and backlogs retreating further.
Metalforming market sentiment takes a dive in September: PMA
Metalforming manufacturers anticipate a decrease in near-term conditions, according to the Precision Metalforming Association's (PMA) Business Conditions Report for September.
AIA: Architecture firms still under pressure
Architecture firms reported a modest improvement in billings through August, yet business conditions remained soft, according to the latest Architecture Billings Index (ABI) release from the American Institute of Architects (AIA) and Deltek.