Economy
![](https://www.steelmarketupdate.com/wp-content/uploads/sites/2/media/k2/items/src/02845f9b9b7aaa54daf60d16d1559f8e.jpg)
Weak Conditions on the Horizon: Empire State Manufacturing Survey
Written by Becca Moczygemba
October 18, 2022
Business activity in the state of New York has recently declined, according to the Empire State Manufacturing Survey responses collected by the Federal Reserve Bank of New York between Oct. 3 and Oct. 11.
The survey’s headline general business conditions index dropped to -9.1 for October, maintaining a negative value for the third straight month.
The index plummeted to -31.30 in August, its lowest reading since May 2020. A recovery in September came in better than expected at -1.5, though still not ideal, as any reading below zero denotes deteriorating conditions.
Shipments plunged a staggering 19.9 points to -0.3 despite a small increase in the average number of hours worked per week.
“Delivery times held steady, and inventories inched higher. Labor market indicators pointed to a small increase in employment and the average workweek. Input price increases picked up, while the pace of selling price increases held steady. Looking ahead, firms do not expect business conditions to improve over the next six months,” the NY Fed said in its monthly survey report.
With weak conditions on the horizon, the indexes for future new orders and shipments remained low at -8.3 for new orders and -14.5 for shipments, respectively. However, employment and capital spending are expected to increase, while delivery times are predicted to shorten significantly.
An interactive history of the Empire State Manufacturing Index is available on our website. If you need assistance logging into or navigating the website, please contact us at info@SteelMarketUpdate.com.
By Becca Moczygemba, Becca@SteelMarketUpdate.com
![](https://www.steelmarketupdate.com/wp-content/uploads/sites/2/2023/04/becca-moczygemba-150x150.png)
Becca Moczygemba
Read more from Becca MoczygembaLatest in Economy
Metalformers expect steady conditions in coming months
Metalformers expect economic activity to stabilize over the next three months, according to the recently released July Business Conditions Report from the Precision Metalforming Association (PMA).
![](https://www.steelmarketupdate.com/wp-content/uploads/sites/2/images/Featured_News_Icons/construction.png)
Architecture Billings Index rises from 4-year low in June
The Architecture Billings Index (ABI) ticked up in June following May’s four-year low, according to the American Institute of Architects (AIA) and Deltek. While the index improved this month, it continues to indicate weak business conditions among architecture firms.
![](https://www.steelmarketupdate.com/wp-content/uploads/sites/2/2023/07/FedRes.png)
Beige Book: Uncertainty to continue fueling slower economic growth
Growth in the US economy continues to be constrained. The Federal Reserve’s Beige Book report for July shows more areas reporting flat or declining economic activity than in its previous report at the end of May.
![](https://www.steelmarketupdate.com/wp-content/uploads/sites/2/images/Featured_News_Icons/AISI.png)
AISI, AISC, University of Massachusetts get ~$6.4M EPA grant
The American Iron and Steel Institute (AISI), American Institute of Steel Construction (AISC), and the University of Massachusetts at Amherst have received a grant to enhance emissions reporting for steel construction projects.
![](https://www.steelmarketupdate.com/wp-content/uploads/sites/2/2023/12/empire_state_1-scaled.jpg)
Manufacturing activity in New York state continues to soften
New York state saw a continued decline in manufacturing activity in July, according to the latest Empire State Manufacturing Survey from the Federal Reserve Bank of New York.