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
US construction spending drops again in August
Construction spending in the US declined for a third month in August but showed an increase year over year (y/y). The US Census Bureau estimated construction spending to be $2.131 trillion in August on a seasonally adjusted annual rate (SAAR). While this was 0.1% below July’s revised spending rate, it was 4.1% higher than spending […]
ISM: Manufacturing contracts again in September
US manufacturing activity contracted for the sixth consecutive month in September, according to the latest report from the Institute for Supply Management (ISM). The index has indicated a contracting industrial sector for 22 of the past 23 months.
Chicago Business Barometer remains gloomy in September
The Chicago Business Barometer increased marginally in September but continues to indicate deteriorating business conditions.
Consumer confidence sours in September
The Conference Board reported that consumer confidence in the US dropped to one of the lowest readings of the year in September. With concerns mounting about business conditions and the labor market, the tumble was the biggest monthly decline since August 2021.
September energy market update
In this Premium analysis we cover oil and natural gas prices, drilling rig activity, and crude oil stock levels in North America. Energy prices and rig counts are advance indicators of demand for oil country tubular goods (OCTG), line pipe, and other steel products.