Economy

Empire State Manufacturing Moderates in April

April 17, 2017

Manufacturing activity cooled in New York State in April after two exceptionally strong months. The general business index of the Empire State Manufacturing Survey fell eleven points to register 5.2.

The new orders index dropped fourteen points to register 7.0, settling at a more sustainable level of growth. Shipments continued to increase at a moderate pace gaining 2.4 points to register an index reading of 13.7. Unfilled orders were short of March’s 11-year high, at a reading of 12.4. Delivery times continued to lengthen, climbing to 16.1 for the index’s highest reading in the survey’s history. Inventories were steady in April.

Strong market activity resulted in more new hires in April with the employee index hitting a two year high at 13.9.

Indexes for prices paid and prices received increased by two and four points, respectively.

Looking toward the next six months, wide spread optimism for business conditions prevailed. Future general business conditions rose three points to 39.9 while new orders and shipments are expected to decline modestly. Firms anticipate more employment growth.

Higher capital expenditure and technology spending are planned at more companies during the next six months.

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.