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
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