Economy
Empire State Manufacturing Up Slightly
Written by Sandy Williams
October 15, 2019
Business activity in New York State grew slightly in October but was generally sluggish. The October 2019 Empire State Manufacturing Survey Index gained two points to register 4.0.
The new orders index was unchanged at 3.5, indicating a slight Improvement. Shipments rose 7 points to 13.0 after falling to a three-year low last month. Unfilled orders continued to decline and delivery times were slightly shorter. Little change was noted in inventories.
Prices increased at a slower pace in October, said the Federal Reserve Bank of New York. Indexes for prices paid and prices received declined six points to 23.1 and three points to 6.3, respectively.
Employment gains were modest for the month.
New York manufacturer optimism was subdued for the six-month outlook. Future business conditions are expected to remain below historical levels, although increasing three points to 17.1. The outlook for future orders and shipments remained nearly unchanged from September. Prices paid are expected to remain the same with prices received increasing slightly. Intentions for new capital expenditures and technology spending both made mild gains.
“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 the data that suggests the sector is drifting sideways,” commented Thomas Simons, senior money market economist at Jeffries, in a note to MarketWatch.
Sandy Williams
Read more from Sandy WilliamsLatest in Economy
Second steel derivatives S232 inclusion window opens, business community voices concern
The US Department of Commerce announced that its second window for submitting applications for the inclusion of derivative steel and aluminum products in Section 232 tariffs is now open, according to the US Federal Register. September’s Inclusion Window Sept. 15 through Sept. 29, applicants can email requests for inclusions to the Defense Industrial Base Programs. The first […]
Steel Summit: ITR economist urges execs to prepare for growth, not recession
If the steel industry professionals who made it to the very final presentation of this year’s SMU Steel Summit were expecting another round of cautious forecasting, they were in for a surprise. Because what they got was a wake-up call.
ISM: Manufacturing growth remained down in August
US manufacturing activity remained muted in August despite a marginal gain from July's recent low, according to supply executives contributing to the Institute for Supply Management (ISM)’s latest report.
Steel Summit: Dr. Basu blames tariffs for riskier path ahead
Steel executives packed the main conference hall of the 2025 SMU Steel Summit on Tuesday, Aug. 26, to hear economist Dr. Anirban Basu lay out his blunt view of tariffs, inflation, and demand.
Steel Summit: Schneider sees SDI ‘on the edge of a very good run’
Steel Dynamics Inc. (SDI) President and Chief Operating Officer, Barry Schneider, remains bullish about the Fort Wayne, Ind.-based steelmaker’s position in the current market.