Economy
Empire State Manufacturing Index: Rebound or Outlier?
Written by Sandy Williams
May 16, 2019
Business activity in New York State rose sharply in May, according to the latest Empire State Manufacturing Survey. The general business conditions index gained eight points for a reading of 17.8, its highest level in six months.
Manufacturers reported a jump in new orders and shipments and an increase in backlogs. Inventories were slightly below April levels. Delivery times were consistent with the previous month.
The employment index dropped seven points to 4.7 indicating only a small increase in employment. Average workweek hours were steady at an index reading of 4.4.
Prices declined slightly from April with the prices paid index at 26.2 and the prices received index at 12.4.
Firms were more optimistic about business conditions for the next six months. The future business index soared 18 points to register 30.6.
The May survey was conducted before the latest escalation of the U.S./China trade war. At the time, a trade agreement with China looked promising, but now with the administration’s tariff expansion and China’s retaliation the June index may show a different outlook.
Commented MarketWatch, “Manufacturing has been one of the weak points of the economy this year, so this report stands out as a possible sign of better things to come—or, perhaps, an outlier.”
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.