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.

EmpireStateManuf. Mar23

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

Laura Miller is a reporter and editor for Steel Market Update. She has held a variety of positions within the steel industry since 2007, including reporting and editing for Steel Business Briefing/Platts, the Association for Iron and Steel Technology, and Kallanish Commodities, as well as marketing for what was then known as ThyssenKrupp Steel USA (now AM/NS Calvert). After a five-year hiatus working across other industries, she returned to steel in 2021 and has covered the flat rolled, tubular, and trade areas of the industry. She is a member of the Association of Women in the Metal Industries and a past-president of the AWMI Pittsburgh Chapter. She holds a BA in Latin American Studies from Edinboro University of Pennsylvania. She can be reached at laura@steelmarketupdate.com or 724-759-7869.

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