Economy
Manufacturing Momentum Slows in New York in December
Written by Sandy Williams
December 15, 2020
The December Empire State Manufacturing Index indicated a loss of momentum in the New York region. The headline General Business Conditions index fell to 4.9 from November’s reading of 6.3.
“Like the prior month, manufacturing activity in New York State expanded only to a small degree in December,” said the Federal Reserve Bank of New York in its report.
The new orders index dipped slightly to 3.4, but shipments increased 5.8 points to 12.1. Delivery times lengthened and inventories declined during the month. Input costs drove prices paid up 8.0 points to 37.1, but prices received remained relatively stable.
Employment levels increased to the highest level in over a year with average workweek hours remaining the same as November.
Manufacturing firms remained optimistic about future business conditions. Expectations for new orders and shipments continued to be positive.
The survey by the New York Federal Reserve is sent to the same 200 manufacturing executives in New York State each month, encompassing a wide range of industries.
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.