Economy
Growth of Empire State Manufacturing Index Slows in August
Written by David Schollaert
August 17, 2021
Manufacturing growth in New York State expanded slightly in August but at a far slower rate than the record-setting pace seen the month prior, according to the data collected in the Empire State Manufacturing Survey.
The general business index fell 25 points to 18.3. Indices for new orders and shipments fell by double digits from August, sliding 14.8 points and 4.4 points, respectively. Unfilled orders were slightly higher. Delivery times continued to lengthen, rising by eight points to 28.3. The inventories index dipped 10.0 points. Despite the contraction from record-setting highs in July, August’s indexes remain on a positive growth trajectory.
Prices paid softened slightly while prices received remained elevated and trending up in August. Prices paid fell by 0.7 points while received rose 6.6 points.
The number of employees waned in August as did the workweek index, dipping 7.8 points and 5.1 points, respectively.
The six-month outlook was optimistic, said the Federal Reserve Bank of New York. The general business conditions index rose 7.0 points and new orders and shipments rose 8.5 points each. Prices are expected to decrease some, but should have little impact in capital and technology spending plans.
Manufacturers expect to fill more jobs in the coming months. The future employment index slipped to 38.5 with 45% of firms expecting to increase employment levels.
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.
David Schollaert
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