Steel Products

Empire State Manufacturing Index Slips from October High

November 16, 2017

Manufacturing in New York State continued to expand in November, but the headline business conditions index of the Empire State Manufacturing Survey fell to 19.4 after reaching a three-year high in October. The November index lost 11 points and dropped more than expected, but solid gains in new orders and shipments indicate still brisk growth in the region. New orders climbed three points to 20.7 and shipments slowed a bit to an index reading of 18.4.

Inventories increased modestly in the November report. Delivery times were shorter and unfilled orders saw a small decline. Input prices were down slightly from October and selling prices increased.

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Employment expanded at a somewhat slower pace, while workweek hours held steady.

Firms were very optimistic in the six-month outlook. The future business conditions index climbed five points to 49.9 and the future new orders gained nine points to reach 53.7, a multi-year high. Manufacturers expect to hire more workers in the coming months.