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 groups welcome passage of budget bill
Steel trade groups praised the passage of the Big Beautiful Bill (BBB) in Congress on Thursday.

Industry groups praise Senate for passing tax and budget bill
The Steel Manufacturers Association and the American Iron and Steel Institute applauded the tax provisions included in the Senate's tax and budget reconciliation bill.

Chicago PMI dips 0.1 points in June
The Chicago Purchasing Managers Index (PMI) slipped 0.1 points to 40.4 points, in June.

Multi-family pullback drives housing starts to 5-year low in May
US housing starts tumbled in May to a five-year low, according to figures recently released by the US Census Bureau.

Architecture firms still struggling, ABI data shows
Architecture firms reported a modest improvement in billings through May, yet business conditions remained soft, according to the latest Architecture Billings Index (ABI) release from the American Institute of Architects (AIA) and Deltek.