Economy
Empire State Manufacturing Index Rises in June
Written by Becca Moczygemba
June 19, 2023
The latest Empire State Manufacturing Survey shows an increase in business activity in the state of New York in June after a drop the prior month.
The headline manufacturing general business conditions index from the Federal Reserve Bank of New York jumped up into the positive, rising by 38 points to 6.6 in the survey taken between June 2-9.
The index reading was last in the positive in April when it was 10.8. The index has spent four of the past six months in the negative. In May, the index had dropped to -31.8.
While 31% of participants reported conditions improved over the month, 24% reported that conditions had worsened, the survey said. The new orders index rose 31 points to 3.1, and the shipments index climbed 38 points to 22. The inventories index was at -6, which the New York Fed said is an indication inventories are moving lower.
The prices paid index softened, dropping by 13 points to 22, and and the prices received index declined 15 points to 9.0. Prices paid and prices received indices are now at levels comparable to before the pandemic, according to the survey.
The future business conditions index edged up to nine points to 18.9, the second consecutive increase.
An interactive history of the Empire State Manufacturing Index is available on our website.
By Becca Moczygemba, becca@steelmarketupdate.com
Becca Moczygemba
Read more from Becca MoczygembaLatest in Economy
ArcelorMittal plans wire-drawing closure in Hamilton, shifts production to Montreal
ArcelorMittal’s (AM) Hamilton location to be shuttered, wire production shifting to Montreal.
Beige Book finds growing economic, policy uncertainty
All districts reported "hesitancy and a cautious approach to business and household decisions,” according to the Beige Book.
ISM: Manufacturing continues to contract in May
May marks the third consecutive month US manufacturing activity declined, according to supply executives contributing to the Institute for Supply Management (ISM)’s latest report.
Chicago PMI decreases 4.1 points in May
The Chicago Business Barometer reports that decreases in new orders, order backlogs, and softer production pulled the index down by 4.1-points to 40.5, in May.
Architecture firms struggle through April
For the third month in a row, architecture firms reported a reduction in billings through April, according to the latest Architecture Billings Index release.