Prices
Empire State Manufacturing Index Soars in April
April 17, 2023
Manufacturing business activity increased for the first time in New York state in five months, according to the latest Empire State Manufacturing Survey taken between April 3-10.
The New York Fed’s Empire state headline general business conditions index jumped 35 points month-over-month to 10.8, as new orders and shipments rose as well.
The survey’s new orders index increased significantly, up 47 points to 25.1 in April from March, while shipments climbed 37 points to 23.9 in the same comparison.
Despite the reported improvement in current business activity, survey respondents remain more muted about future conditions up to six months ahead. The index for future business conditions ticked up 3.7 points to 6.6, which suggests that “firms do not expect activity to improve much over the next six months,” according to the survey.
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 Ethan Bernard, ethan@steelmarketupdate.com
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