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
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