Steel Products
New York Manufacturing Activity Slides in October
Written by Becca Moczygemba
October 16, 2023
Manufacturing activity decreased in New York in October, according to the most recent Empire State Manufacturing survey.
The headline general business index fell to -4.6 in October from 6.5 points in September. The new orders index dipped nine points month over month to -4.2, while the shipments index dropped 11 points to 1.4.
Twenty-four percent of survey participants reported that conditions improved over the past month. That was offset by the 29% who reported that conditions had declined.
Price and inventory indices were also flat or down.
“The prices paid index held steady at 25.5, reflecting little change in the pace of input price increases, while the prices received index fell eight points to 11.7, signaling a deceleration of input price increases,” the survey said.
The inventories index reflected a small decline at -2.1.
Despite the negative headline numbers, firms remain optimistic looking forward. The future business index stood at 23.1 in October. That’s down from 26.3 in September but still firmly in positive territory.
“New orders and shipments are expected to increase, though less so than last month, and employment is expected to grow,” the survey said.
Case in point: The index for number of employees moved up to 3.1, and the average workweek increased to 2.2. Both numbers indicate an uptick in employees and hours worked.
Becca Moczygemba
Read more from Becca MoczygembaLatest in Steel Products
Market says cutting interest rates will spur stalled domestic plate demand
Market sources say demand for domestic plate refuses to budge despite stagnating prices.
U.S. Steel to halt slab conversion at Granite City Works
U.S. Steel said it plans to reduce slab consumption at its Granite City Works near St. Louis, a company spokesperson said on Monday. The Pittsburgh-based steelmaker will shift the production and processing of steel slabs to its Mon Valley Works near Pittsburgh and its Gary Works near Chicago. Citing a United Steelworkers (USW) union memo, […]
SMU Week in Review: September 1-5
Here are highlights of what’s happened this past week and a few upcoming things to keep an eye on.
HR Futures: Market finds footing on supply-side mechanics
As Labor Day marks the transition into fall, the steel market enters September with a similar sense of change. Supply-side fundamentals are beginning to show signs of restraint: imports are limited, outages loom, and production is capped, setting the stage for a market that feels steady on the surface but still unsettled underneath.
Beige Book: US markets remain cautious amidst volatile pricing environment
Sluggish economic activity across the US was largely attributed to uncertainty caused by tariff policies and growing cost pressures, according to the US Federal Reserve’s (The Fed) latest Beige Book report. The Fed’s latest economic report, posted on Sept. 3, consists of economic findings from the six weeks preceding Aug. 25 throughout 12 districts. Economic […]