Economy
Empire State Manufacturing Index Falls More than Expected
Written by Sandy Williams
September 17, 2019
The Empire State Manufacturing Index surprised economists by slipping to 2.0 on the general business index, a three point decline from August.
The new orders index fell three points to 3.5, but remained above zero indicating only slight growth. The shipments index declined four points to 5.8 for it lowest level in nearly three years. The unfilled orders index remained in negative territory for the fourth month in a row. Survey participants reported steady delivery times and higher inventories.
There was an increase in employee numbers in September and little change in the average workweek index.
Prices rose faster in September, climbing six points on the prices paid index and five points on the index for prices received.
New York State manufacturers expressed declining confidence in the six-month outlook of the Empire State Manufacturing Survey. The Index for future business conditions fell 12 points to 13.7 as manufacturers predict fewer new orders and shipments.
Commenting on the latest survey, Thomas Simons, senior money market economist at Jeffries, said: “The sector has suffered from the uncertainty caused by the trade war, and there’s been a significant loss in momentum in business investment, but the pullback has now played out to the point where we expect to see data that suggests the sector is drifting sideways.”
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
ArcelorMittal plans wire-drawing closure in Hamilton, shifts production to Montreal
ArcelorMittal’s (AM) Hamilton location to be shuttered, wire production shifting to Montreal.
Beige Book finds growing economic, policy uncertainty
All districts reported "hesitancy and a cautious approach to business and household decisions,” according to the Beige Book.
ISM: Manufacturing continues to contract in May
May marks the third consecutive month US manufacturing activity declined, according to supply executives contributing to the Institute for Supply Management (ISM)’s latest report.
Chicago PMI decreases 4.1 points in May
The Chicago Business Barometer reports that decreases in new orders, order backlogs, and softer production pulled the index down by 4.1-points to 40.5, in May.
Architecture firms struggle through April
For the third month in a row, architecture firms reported a reduction in billings through April, according to the latest Architecture Billings Index release.