Economy

Empire State Index Shows Softening in June

June 15, 2021

Manufacturing growth in New York State slowed a bit in June, according to the data collected in the Empire State Manufacturing Survey. The general business index fell seven points to 17.4. Indices for new orders and shipments fell by double digits from May, sliding 12.6 points and 16.5 points, respectively. Unfilled orders were slightly higher. Delivery times continued to lengthen, reaching another record high in May, jumping six points to 29.8. The inventories index dipped 9.7 points.

Prices paid and received remained elevated but showed some signs of softening in June, both falling by about 4 points.

Number of employees remained relatively steady but the workweek index dipped four points to 15.1.

The six-month outlook was optimistic, said the Federal Reserve Bank of New York. The general business conditions index rose 11.1 points and new orders and shipments rose 9 points each. Prices are expected to remain high causing some slowing in capital and technology spending plans.

Manufacturers expect to fill more jobs in the coming months. The future employment index rose to a record high of 41.7 with 45% of firms expecting to increase employment levels.

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