Economy
Empire State Manufacturing Slows in August
Written by Sandy Williams
August 17, 2020
Manufacturing activity in the New York region slowed in August, according to the Federal Reserve Bank of New York. The Empire State Manufacturing Index slid 14 points to 3.7 in August, well below economists’ estimates in the range of 14-17. A reading above zero indicates activity is expanding.
“After increasing significantly in July for the first time since the pandemic began, manufacturing activity in New York State grew only slightly in August,” said the Federal Reserve Bank.
The new orders index plunged 16 points to 1.7 indicating only a moderate increase in orders. The shipments index followed suit with a 12-point plummet to 6.7.
Survey participants indicated that delivery times remained steady, but unfilled orders and inventories declined. Selling prices increased for the first time since March, while input prices remained little changed.
The employment index inched up 2.4 points, but the average workweek index fell 6.8 points, indicating fewer hours worked.
Looking forward, most firms remained optimistic that business conditions would improve during the next six months, but were less confident than they were in June and July. The future indexes for general business conditions and new orders both dropped 4-plus points in August. The future shipments index dropped 8.6 points.
Sandy Williams
Read more from Sandy WilliamsLatest in Economy
ISM September survey captures deepening manufacturing gloom
The Institute for Supply Management’s (ISM) latest monthly report on manufacturing reflects a bleak view of American industry in September.
Key industries concerned over government shutdown’s impact on steel, manufacturing
Trade groups cautioned that a prolonged shutdown could strain US industry.
Chicago Business Barometer catches cold winds of contraction in September
The Chicago Business Barometer's September reading indicates a softening in overall business activity in the Midwest for the third consecutive month, with new orders and backlogs retreating further.
Metalforming market sentiment takes a dive in September: PMA
Metalforming manufacturers anticipate a decrease in near-term conditions, according to the Precision Metalforming Association's (PMA) Business Conditions Report for September.
AIA: Architecture firms still under pressure
Architecture firms reported a modest improvement in billings through August, yet business conditions remained soft, according to the latest Architecture Billings Index (ABI) release from the American Institute of Architects (AIA) and Deltek.