Steel Markets
Empire State Manufacturing Index Plummets
Written by Laura Miller
March 17, 2023
Manufacturing business activity continues to decline in the state of New York, according to the latest Empire State Manufacturing Survey taken between March 2–9.
The New York Fed’s Empire state headline general business conditions index—a gauge of manufacturing activity in the state—declined by 19 points to -24.6, with 45% of respondents reporting worsening business conditions and just 20% reporting improving conditions.
The survey’s new orders index came in at -21.7, a decline of 14 points, and the shipments index, at -13.4, dropped by 14 points.
Survey respondents are not anticipating an improvement in business conditions over the next six months, with the index for future business conditions declining by 12 points to just 2.9.
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 Laura Miller, laura@steelmarketupdate.com
Laura Miller
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