Economy
Empire State Manufacturing Index Sets Record in July
Written by Brett Linton
July 15, 2021
Manufacturing growth in New York State surged to a record high in July, according to the data collected in the Empire State Manufacturing Survey. The general business index jumped 26 points to 43.0.
Indicators for new orders, shipments and inventories all increased by double digits from June, rising 16.9 points, 29.6 points, and 18.8 points, respectively. Unfilled orders increased as well, up 4.2 points. Delivery times shortened to a three-month low, declining 9.6 points from June.
Prices paid declined by 3.0 points in June, while prices received rose 6.1 points. Number of employees rose 8.3 points, but the workweek index declined 1.1 points.
The six-month outlook declined 8 points, but indicated ongoing optimism about future conditions, said the Federal Reserve Bank of New York. The general business conditions index fell 8.2 points and new orders and shipments fell 8-10 points each. Prices are expected to remain elevated, 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 new record high of 43.9.
Below is a graph showing the history of the Empire State Manufacturing Index. You will need to view the graph on our website to use its interactive features; you can do so by clicking here. If you need assistance logging into or navigating the website, please contact us at info@SteelMarketUpdate.com.
Brett Linton
Read more from Brett LintonLatest in Economy
Manufacturing in New York state contracts again
However, companies are growing more optimistic about the future.
ArcelorMittal plans wire-drawing closure in Hamilton, shifts production to Montreal
ArcelorMittal’s (AM) Hamilton location to be shuttered, wire production shifting to Montreal.
Beige Book finds growing economic, policy uncertainty
All districts reported "hesitancy and a cautious approach to business and household decisions,” according to the Beige Book.
ISM: Manufacturing continues to contract in May
May marks the third consecutive month US manufacturing activity declined, according to supply executives contributing to the Institute for Supply Management (ISM)’s latest report.
Chicago PMI decreases 4.1 points in May
The Chicago Business Barometer reports that decreases in new orders, order backlogs, and softer production pulled the index down by 4.1-points to 40.5, in May.