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
Drilling activity slows in the US, grows in Canada
Oil and gas drilling activity was mixed this week, according to Baker Hughes. US totals slipped for a sixth straight week, while Canada saw a slight bump in activity.
Commerce finds no Korean OCTG shipments below market value
US Department of Commerce (Commerce) review found no South Korean oil country tubular goods (OCTG) exporters or producers sold products below market value
Drilling activity slows further in US and Canada
Oil and gas drilling activity declined again this week in both the US and Canada, according to Baker Hughes.
SMU Community Chat: Zekelman calls for more support for steel consumers
“Unless the administration actually gets serious about levelling the playing field… for consumers of steel, then everything they've done on the steel side is useless."
SMU Community Chat replay now available
The latest SMU Community Chat webinar reply is now available on our website to all members. After logging in at steelmarketupdate.com, visit the community tab and look under the “previous webinars” section of the dropdown menu. All past Community Chat webinars are also available under that selection. If you need help accessing the webinar replay, or if your company […]