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
ISM: Manufacturing growth slows in July, hits 10-month low
US manufacturing activity slowed again in July to a 10-month low
CRU: Pushing EU imports back to 15% would be a big task
Several EU member states have published a ‘non-paper’ that puts forward proposals for a post-safeguard trade measure.
SMU Community Chat: Tariff-induced panic purchases, inflation, and calculating costs
Chief executive of the Institute for Supply Management (ISM), Tom Derry highlighted how reactive buying behavior has shifted the market into a quiet demand period. Derry presented ISM data during the weekly SMU community chat.
Architecture billings still sluggish despite project inquiry uptick
The Architecture Billings Index (ABI), a leading indicator for non-residential construction activity, declined for an eighth straight month in June.
Beige Book: Tariff pressures mount, flat outlook
All districts reported “experiencing modest to pronounced input cost pressures related to tariffs, especially for raw materials used in manufacturing and construction.”