Economy
Empire State Manufacturing Moderates in April
Written by Sandy Williams
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.
Sandy Williams
Read more from Sandy WilliamsLatest in Economy
Chicago PMI dips 0.1 points in June
The Chicago Purchasing Managers Index (PMI) slipped 0.1 points to 40.4 points, in June.
Multi-family pullback drives housing starts to 5-year low in May
US housing starts tumbled in May to a five-year low, according to figures recently released by the US Census Bureau.
Architecture firms still struggling, ABI data shows
Architecture firms reported a modest improvement in billings through May, yet business conditions remained soft, according to the latest Architecture Billings Index (ABI) release from the American Institute of Architects (AIA) and Deltek.
Manufacturing in New York state contracts again
However, companies are growing more optimistic about the future.
ArcelorMittal plans wire-drawing closure in Hamilton, shifts production to Montreal
ArcelorMittal’s (AM) Hamilton location to be shuttered, wire production shifting to Montreal.