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
Chicago Business Barometer falls back in April, remains in contraction
The Chicago Business Barometer declined in April, reversing March’s gains, according to Market News International (MNI) and the Institute for Supply Management (ISM).
Fewer manufacturers optimistic about the economy
PMA’s April report shows that only 16% of surveyed manufacturers anticipate an increase in economic activity in the next three months (down from 23% in March)
Architecture billings continue to slide in March
Architecture firms said billings continued to decline in March, according to the latest Architecture Billings Index (ABI) released by the American Institute of Architects (AIA) and Deltek.
Beige Book shows concerns about trade policy
Manufacturing was mixed, but two-thirds of districts said activity was little changed or had declined.
New York state manufacturing index drops again in April
Firms were pessimistic, with the future general business conditions index falling to its second lowest reading in the more than 20-year history of the survey