Steel Products

New York Manufacturing Activity Slides in October

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

Becca Moczygemba is a reporter and editor for Steel Market Update. She has been in the steel industry since 2017, specializing in flat-rolled products. Prior to joining SMU, she held positions at Mitsui & Co. and Kloeckner Metals. Becca has a BA in Organizational/Corporate Communication from the University of Houston and an MBA from Norwich University. Contact Becca at becca@steelmarketupdate.com or 724-720-1000.