Steel Products
NY Manufacturing Activity Slumps in August
Written by Ethan Bernard
August 17, 2023
Manufacturing activity decreased in New York state in August, according to the most recent Empire State Manufacturing Survey.
The headline general business conditions index dropped 20.1 points to -19.0 in August vs. July, the first negative reading since May, the August survey, compiled from responses between Aug. 2 and Aug. 9, said. The new orders index fell 23.2 points to -19.9 in the same comparison, while the shipments index dropped 25.7 points to -12.3.
Regarding business conditions, 16% of respondents said conditions improved in August, while 35% said conditions had worsened, the survey, conducted by the Federal Reserve Bank of New York, said.
“Both the input and selling price indexes moved up several points, but from relatively low levels, pointing to a modest pickup in the pace of price increases,” the survey said. The prices paid index rose 8.5 points to 25.2 in August from July, as the prices received index increased 8.7 points to 12.6.
Inventories moved lower over the month, with the inventories index ticking up 1.1 points to -9.7 in August, remaining in negative territory.
Looking ahead six months, firms were more optimistic, according to the survey. The future business conditions index increased 5.6 points to 19.9 in August month over month.
Ethan Bernard
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