Economy
New York Manufacturing Healthy in November
Written by Sandy Williams
November 15, 2018
Manufacturing in New York State strengthened more than expected in November. The Empire State Manufacturing Survey general business index rose two points to 23.3 as new orders and shipments showed moderate growth. Forty-one percent of respondents reported that general business conditions had improved over the month, while 18 percent reported that conditions had worsened.
Manufacturers surveyed by the Federal Reserve Bank of New York noted longer delivery times, higher inventories and steady backlogs. Prices paid remained high, but the prices received index was little changed from October.
Indices showed employment levels increased during November along with a longer workweek.
“Business activity continued to grow at a solid clip in New York State, according to firms responding to the November survey,” the report said. “Looking ahead, firms remained fairly optimistic about the six-month outlook.”
Firms were optimistic about future capital expenditures and technology spending. Indices for the two indicators of future growth gained 8.8 percent and 10.5 percent, respectively.
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.