Economy
Empire State Manufacturing Index Expands in September
Written by David Schollaert
September 16, 2021
Manufacturing growth in New York State accelerated in September, climbing 16 points and nearly reversing the slowdown from the prior month, according to the Empire State Manufacturing Survey.
The general business index climbed to 34.3, compared to 18.3 in August. Indices for new orders and shipments grew by double digits in September, expanding by 19 and 23 points, respectively, indicating strong growth in both orders and shipments. Unfilled orders were slightly higher at 20.9. Delivery times continued to lengthen, moving up 8.2 points to a record high of 36.5, indicating significantly longer delivery times. The inventories index rose modestly by 5.1 points.
Prices paid softened slightly for the second straight month, while prices received remained elevated and trending up in September. Prices paid fell by 0.4 points while prices received rose 1.8 points to 47.8, marking its third consecutive record high.
The number of employees rose eight points to 20.5 in September, as did the average workweek index, expanding 7.7 and 15.4 points, respectively.
The six-month outlook remains optimistic but little changed, said the Federal Reserve Bank of New York. The general business conditions index edged up 1.9 points, and new orders and shipments rose 5.7 and 8.5 points, respectively.
Substantial increases in employment and prices are expected in the months ahead. The capital expenditures index reached a multi-year high after climbing 11 points to 33.9, while the technology spending index rose to a record high of 33.0 points.
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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