Economy
Empire State Index Nears Three-Year High
Written by Sandy Williams
August 15, 2017
Manufacturing activity jumped sharply in New York State in August. The general business index of the Empire State Manufacturing Survey leapt 15.4 points to 25.2, its highest reading since September 2014.
The new orders index rose seven points to 20.6 and shipments gained nearly two points for a reading of 12.4. Delivery times increased slightly, while unfilled orders remained steady. The inventories index dropped 5.5 points from July to -3.1 indicating another reduction in stocks.
Input prices escalated at a faster rate, adding 9.7 points to the index for a reading of 31.0. Selling prices expanded at a slower pace in August, sinking from an index reading of 11.0 in July to 6.2 this month.
Firms reported a modest increase in employment levels and workweek length.
New York manufacturers were very optimistic about business conditions in the next six months. Improvement was seen across most components of the future business conditions index, which jumped 10 points to register 45.2. Future order and shipment indexes expanded to 41.3 and 42.7, respectively.
Capital expenditures and technology spending remained at growth levels, but declined from July’s forecast.
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
Steel groups welcome passage of budget bill
Steel trade groups praised the passage of the Big Beautiful Bill (BBB) in Congress on Thursday.
Industry groups praise Senate for passing tax and budget bill
The Steel Manufacturers Association and the American Iron and Steel Institute applauded the tax provisions included in the Senate's tax and budget reconciliation bill.
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.