Economy
Empire State Index Climbs in April
Written by Sandy Williams
April 15, 2021
New York manufacturers had a robust month in April with new orders and shipments accelerating. The Empire State Manufacturing general business index rose 9 points to 26.3, its highest level in more than two years.
New orders soared nearly 18 points to 26.9 and the shipments index climbed to 25.0. Delivery times continued to lengthen, surging 17 points to 28.1 and setting a new record. Unfilled orders jumped 17.2 points to 21.2, indicating longer lead times. Inventories climbed a modest 3.5 points.
Prices paid rose to the highest level since 2008, gaining 10 points to register an index reading of 74.8 and indicating higher input prices. The prices received index was also at a record high, jumping 11 points to 34.9 for its fastest pace in more than 20 years.
The employment index jumped five points and the average workweek hours edged up slightly.
Manufacturers were optimistic about future business conditions, with both new order and shipment indices above 40 for the month, said the New York Federal Reserve. Prices are expected to increase along with employment levels.
Sandy Williams
Read more from Sandy WilliamsLatest in Economy
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.
Manufacturing in New York state contracts again
However, companies are growing more optimistic about the future.