The Empire State Manufacturing Index showed continued growth in New York State, but at a slower pace in January. The general business index registered 17.7, down from 19.6 in December. New orders declined 7.1 points to 11.9, while shipments eased by 9.1 points to 14.4.
The unfilled orders index registered 4.3 indicating a small increase. Delivery times were slightly longer and inventories grew moderately. Employment increased only slightly in January and work hours were unchanged.
The index for prices paid gained seven points to register 36.2 and the prices received index jumped 10 points to 21.7.
Manufacturing firms expect stronger business conditions going forward. The six-month outlook for future business conditions rose two points to 48.6. Inventories are expected to increase along with new orders and shipments. Higher prices, both paid and received, are anticipated.
New hiring is on the horizon, as well as increased capital expenditures and technology spending.
The Empire State Manufacturing Survey is published monthly by the Federal Reserve Bank of New York.
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.
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