Economy
New York State Still Deep in Contraction, But Improving
Written by Sandy Williams
May 15, 2020
Manufacturing activity in May continued to deteriorate in New York State, according to the May 2020 Empire State Manufacturing Survey. The general business conditions index posted at -48.5, but did gain 30 points from April’s record lower. Sixty-three percent of the firms reporting said that conditions had worsened in May, while 15 percent saw some improvement.
New orders and shipments continued to decline, but at a slower pace than in April. Both indexes remained well below zero at -42.4 and -39.0, respectively. Delivery times were somewhat shorter in May and inventories were slightly lower.
Input prices increased slightly while selling prices declined for a second month. Employment levels fell further in May, but not as sharply as in April.
“While current conditions remained extremely weak, firms grew more optimistic that conditions would be better six months from now,” said the Federal Reserve Bank of New York. The index for future business conditions rose 22 points to 29.1. Employment levels are expected to modestly improve in the coming months. Firms indicated a reluctance to commit to any new spending at this time.
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.