Economy
![](https://www.steelmarketupdate.com/wp-content/uploads/sites/2/media/k2/items/src/ee1030e7a38d50478262c9e3174e30f7.jpg)
Empire State Manufacturing Index Dips in July, But Still Positive
July 17, 2023
Manufacturing activity in New York state has stayed relatively level in July compared with the previous month, according to the most recent Empire State Manufacturing Survey.
The headline manufacturing general business conditions fell six points to 1.1 in July month-on-month, according to survey results collected between July 3 and July 11 by the Federal Reserve Bank of New York.
Out of respondents polled, 29% said conditions had improved over the month, while 27% reported that condtions had worsened, the survey said. The new orders index ticked up to 3.3 in July vs. 3.1 a month earlier, and the shipments index dropped to 13.4 from 22 in the same comparison. The New York Fed said this indicated orders edged higher, and the shipment index suggested an increase in shipments, “though at a slower pace than last month.”
“Price increases continued to moderate,” according to the survey, as the prices paid index fell 5.3 points to 16.7 in July vs. June, and has now fallen almost 50 points over the past year. The prices received index dropped 5.1 points to 3.9 in the same comparison.
The inventories index stayed negative at -10.8 (off 4.8 points from June), indicating that inventories moved lower, the New York Fed said.
The future business conditions index dropped 4.6 points to 14.3, “indicating that while conditions are expected to improve, optimism remained subdued,” the survey said.
An interactive history of the Empire State Manufacturing Index is available on our website.
By Ethan Bernard, ethan@steelmarketupdate.com
Latest in Economy
Metalformers expect steady conditions in coming months
Metalformers expect economic activity to stabilize over the next three months, according to the recently released July Business Conditions Report from the Precision Metalforming Association (PMA).
![](https://www.steelmarketupdate.com/wp-content/uploads/sites/2/images/Featured_News_Icons/construction.png)
Architecture Billings Index rises from 4-year low in June
The Architecture Billings Index (ABI) ticked up in June following May’s four-year low, according to the American Institute of Architects (AIA) and Deltek. While the index improved this month, it continues to indicate weak business conditions among architecture firms.
![](https://www.steelmarketupdate.com/wp-content/uploads/sites/2/2023/07/FedRes.png)
Beige Book: Uncertainty to continue fueling slower economic growth
Growth in the US economy continues to be constrained. The Federal Reserve’s Beige Book report for July shows more areas reporting flat or declining economic activity than in its previous report at the end of May.
![](https://www.steelmarketupdate.com/wp-content/uploads/sites/2/images/Featured_News_Icons/AISI.png)
AISI, AISC, University of Massachusetts get ~$6.4M EPA grant
The American Iron and Steel Institute (AISI), American Institute of Steel Construction (AISC), and the University of Massachusetts at Amherst have received a grant to enhance emissions reporting for steel construction projects.
![](https://www.steelmarketupdate.com/wp-content/uploads/sites/2/2023/12/empire_state_1-scaled.jpg)
Manufacturing activity in New York state continues to soften
New York state saw a continued decline in manufacturing activity in July, according to the latest Empire State Manufacturing Survey from the Federal Reserve Bank of New York.