The Empire State Manufacturing Survey for December indicated modest business growth for December and strong optimism for next year.
The headline general business index rose 8 points while new orders picked up 11.4 points. The shipments index was unchanged for the month.
Manufacturers in New York State reported declines in employment and hours worked.
Inventories were reduced in December but at a slower pace than November. Delivery times were shorter and the unfilled orders index inched up 2 points. Prices paid rose seven points on higher input prices. Selling prices increased only slightly.
Respondents to the survey were very optimistic about future conditions. The index for future business conditions gained 20 points to register at 50.2, the highest level in nearly five years. Orders and shipments are expected to rise during the next six months. Manufacturers anticipate increasing capital and technology spending and hiring new workers.
About the survey:
The Empire State Manufacturing Survey is based on questionnaire responses of approximately 200 New York State executives. The headline index regarding general business conditions is not a weighted average but a specific question to survey participants. Indexes are seasonally adjusted when stable seasonality is detected.
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 its interactive features, you can do so by clicking here. If you need assistance logging into or navigating the website, please contact our office at 800-432-3475 or info@SteelMarketUpdate.com.
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