Economy

Empire State Manufacturing Index Plummets
Written by Laura Miller
May 16, 2023
The latest Empire State Manufacturing Survey shows a steep decline in business activity in the state of New York.
The headline manufacturing general business conditions index from the Federal Reserve Bank of New York fell into the negative, dropping by nearly 43 points to -31.8 in the survey taken between May 2-9. The April index reading is close to January’s reading of -32.9, which was the lowest point since the Covid-19 pandemic.
In April, the index rose for the first time in five months, but that was the only reading in positive territory so far this year.
After increasing last month, new orders and shipments declined sharply, delivery times shortened, and inventories shrunk.
“Looking ahead, businesses continued to expect little improvement in conditions over the next six months,” the report said.
The future business conditions index inched up, from 6.6 in April to just 9.8 in May.
An interactive history of the Empire State Manufacturing Index is available on our website.
By Laura Miller, laura@steelmarketupdate.com

Laura Miller
Read more from Laura MillerLatest in Economy

Steel Summit: ITR economist urges execs to prepare for growth, not recession
If the steel industry professionals who made it to the very final presentation of this year’s SMU Steel Summit were expecting another round of cautious forecasting, they were in for a surprise. Because what they got was a wake-up call.

ISM: Manufacturing growth remained down in August
US manufacturing activity remained muted in August despite a marginal gain from July's recent low, according to supply executives contributing to the Institute for Supply Management (ISM)’s latest report.

Steel Summit: Dr. Basu blames tariffs for riskier path ahead
Steel executives packed the main conference hall of the 2025 SMU Steel Summit on Tuesday, Aug. 26, to hear economist Dr. Anirban Basu lay out his blunt view of tariffs, inflation, and demand.

Steel Summit: Schneider sees SDI ‘on the edge of a very good run’
Steel Dynamics Inc. (SDI) President and Chief Operating Officer, Barry Schneider, remains bullish about the Fort Wayne, Ind.-based steelmaker’s position in the current market.

US housing starts gain momentum in July
US housing starts rose in July both month-on-month and year-on-year, according to figures from the US Census Bureau.