Economy

Empire State Manufacturing Activity Expands
Written by Sandy Williams
March 16, 2021
Business activity in New York State grew significantly in March, according to the New York Fed’s Empire State Manufacturing Survey. The general business index rose five points to 17.4, its highest level since July 2020. New orders increased slightly during the month, but shipments soared 17 points to an index reading of 21.1.
Inventories were slightly higher and delivery times continued to lengthen in March. Input prices rose at their fastest pace in almost a decade and selling prices remained near last month’s two-year high.
Modest gains were reported for employment levels and work week hours. The future index for employment rose to its highest reading in more than 10 years, indicating firms expect to increase hiring in the next several months.
Looking ahead for the next six months, New York manufacturers remain optimistic. Shipments are expected to surge as backlogs are filled. A modest rise in new orders is anticipated along with further increases in input and selling prices.

Sandy Williams
Read more from Sandy WilliamsLatest in Economy

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.

US housing starts gain momentum in July
US housing starts rose in July both month-on-month and year-on-year, according to figures from the US Census Bureau.

Manufacturing in New York state improves again in August
Business activity in New York state improved modestly in August. It was just the second positive reading for the general business conditions index in six months.

President Trump intends to set additional steel tariffs
While boarding Airforce One on Friday, US President Donald Trump stated that he would be setting more steel tariffs and putting ~100% tariffs on semiconductors and chips.