Economy
Empire State Manufacturing Robust
Written by Sandy Williams
October 16, 2017
Manufacturing activity in New York State has accelerated with the headline index of the October Empire State Manufacturing Survey climbing six points to 30.2. The survey was at its highest level in three years, bolstered by an 11-point gain in shipments, putting that index at 27.5. The new orders index slipped seven points, but was still on solid ground with a reading of 18.0.
Longer delivery times were noted, and inventory levels declined at a modest pace. Pricing indexes moved lower this month, with the prices paid index down nine points to 27.3 and the prices received index retreating seven points to register 7.0.
No change was evident in the average workweek length, and the employment index expanded five points to 15.6.
The six-month outlook continued to be optimistic. The future business index rose six points to 44.8 and the future new orders index inched up another point to also register at 44.8.
About the Survey
The Empire State Manufacturing Survey is sent each month by the Federal Reserve Bank of New York to about 200 executives in a wide range of New York State industries. The main index, General Business Conditions, is a distinct question on the survey, while other indicators are weighted averages. Positive readings show growth, while a negative index reading indicates contraction. Approximately 100 responses are received each month.
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
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.
Manufacturing in New York state contracts again
However, companies are growing more optimistic about the future.