OEMs
Modest Uptick in New York's Manufacturing Sector
Written by Becca Moczygemba
November 16, 2023
New York’s manufacturing activity saw an increase in November, according to the most recent Empire State Manufacturing Survey.
The headline general business index rose to 9.1 in November from October’s -4.6. However, the new orders index fell 0.7 points month over month to -4.9, while the shipments index increased 8.6 points to 10.
Of respondents surveyed, 33% reported that conditions improved over the past month. However, 24% reported a decline in business conditions.
“The prices paid index edged down three points to 22.2, pointing to a slight moderation in input price increases, while the prices received held steady at 11.1, a sign that selling price increases remained modest,” the survey said.
The inventories index was boosted 11.2 points to 9.1 month over month, according to the survey.
Though activity grew in November, many firms are not optimistic about the future.
“Looking ahead, firms became much less sanguine about the outlook. The index for future business conditions plunged twenty-four points to -0.9, its lowest level in nearly a year,” the survey said.
The index for the number of employees fell eight points to -4.5 in November. Likewise, the average workweek dropped six points to -3.8. Both numbers demonstrate a decline in employees and hours worked.
Becca Moczygemba
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