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
Ford of Canada Union Workers Ratify Three-Year Labor Pact
Ford of Canada union workers represented by Unifor ratified a new, three-year labor agreement on Sunday.
ABI Index Drops in August
August’s Architecture Billings Index (ABI) reading from the American Institute of Architects (AIA) and Deltek showed a moderate decrease.
Beige Book: Economic Activity Appears Stable
The US Federal Reserve said that although overall economic activity was modest in July and August, per its latest Beige Book Report released on Sept. 6, the report was still slightly more optimistic than the previous one.
Dodge Momentum Declines in August on Tighter Lending
The Dodge Momentum Index (DMI) moved lower in August, driven by a slowdown in planning from tighter lending standards, according to the latest data from the Dodge Construction Network (DCN).
ISM PMI Shows 10 Months of Decline in Manufacturing Activity
Activity in the US manufacturing sector continues to slow, according to the latest monthly report on business from the Institute for Supply Management (ISM).