Economy

August a Strong Month for Manufacturing in New York

August 16, 2018

Manufacturers in New York State reported growing business activity in August, according to the latest Empire State Manufacturing Survey.

The Federal Reserve Bank of New York says the general business index of the survey climbed three points to 25.6 as new orders and shipments remained strong. The new orders index slipped about a point to 17.1 in August, while shipments increased 11.1 points to 25.7.

Manufacturers reported that unfilled orders increased, while inventories held steady. Vendor delivery times continued to lengthen in August.

Prices paid remained elevated, bumping up the index 2.5 points to 45.2. The prices received index came down 2.2 points for a reading of 20.0 for the month.

The employee number index edged lower, but hours worked increased modestly.

Firms were slightly less optimistic this month compared to earlier in the year. However, the future business index gained four points to register 34.8. Firms are expecting fewer unfilled orders and shorter delivery times. Employment levels are expected to increase in the next several months. Firms anticipate prices will remain elevated.