Economy
Empire State Survey Indicates Weaker Manufacturing Activity in August
Written by Sandy Williams
August 15, 2016
Business activity declined in the New York State area as reported by firms in the August 2016 Empire State Manufacturing Survey. The headline PMI for general business conditions fell for a second month, losing five points to register -4.21.
New orders were essentially unchanged at a reading near zero of 1.04. Shipments rose eight points to 9.0. Employment levels were relatively unchanged.
Input prices increases remained moderate while selling prices inched slightly higher. Inventory levels were somewhat lower than June.
Survey respondents were still optimistic about business conditions for the next six months, but less so than in July. The future business index fell 6 points to 23.74. Indexes for orders and new shipments were lower along with employment indices.
Capital expenditures and technology spending are expected to decrease.
The Empire State Manufacturing Survey is published monthly by the Federal Reserve Bank of New York. An index reading above zero indicates an increase in activity and below zero indicates a decline. The August report may be viewed in its entirety here.
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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