Economy
New York Manufacturing Plummets in June
Written by Sandy Williams
June 17, 2019
The Empire State Manufacturing Index plunged 26 points in June to register -8.6 for its first negative reading in two years. Manufacturing growth in New York did an about face from May’s six-month high with the new orders index plummeting 22 points and shipments 7 points. The employment index fell to -3.5, while the average workweek length index slid to -2.2.
Backlogs declined, delivery times were shorter and inventories moved lower, said the Federal Reserve Bank of New York.
Input prices changed little from May but prices received declined six points to 6.8, falling for the fourth consecutive month.
The future outlook index also moved lower in June. The index for future business conditions fell five points to 25.7, with new orders and shipments both registering declines.
Reaction to the unexpected decline ranged from a “shockingly weak” and a “caution flag” to a “temporary response to the Mexico tariff fiasco,” said MarketWatch. Economists widely missed in their forecast for the index, staying positive and ranging from 10 at Econoday to 11.5 at The Wall Street Journal.
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 in to or navigating the website, please contact us at info@SteelMarketUpdate.com.
Sandy Williams
Read more from Sandy WilliamsLatest in Economy
Steel exports recovered in May but still historically low
US steel exports rose 10% from April to May but remained low compared to recent years. This came just one month after exports fell to the lowest level recorded in nearly five years.
AISI: Raw steel production ticks up near recent high
The volume of raw steel produced by US mills inched higher last week, according to the American Iron and Steel Institute (AISI). After steadily increasing in April and May, domestic mill output stabilized in early June and has remained historically strong since.
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.