Economy
Manufacturing in New York continues to soften
Written by Becca Moczygemba
December 15, 2023
New York state saw a decline in manufacturing in December, according to the latest Empire State Manufacturing Survey.
The headline general business index dropped to -14.5 points from November’s 9.1, the survey said. The new orders index fell 6.4 points to -11.3 month over month, and the shipments index decreased 16.4 points to -6.4.
Of respondents surveyed, 18% reported improved conditions, while 32% noted that manufacturing business conditions worsened, according to the survey.
The prices paid index for manufacturing in New York edged down 5.5 points to 16.7, while the prices received index inched up 0.4 points to 11.5. However, pessimism continues regarding future business conditions, the survey said.
“The index for future business conditions climbed 13 points to 12.1, a reading that suggests
firms were still not very optimistic that conditions would improve in the months ahead,” the report said.
Meanwhile, the survey said that the “capital spending index remained depressed at 4.2, and the technology spending index came in at 8.3, suggesting that firms’ investment plans remained weak.”
Becca Moczygemba
Read more from Becca MoczygembaLatest in Economy
Fed Beige Book: Economy improves, but manufacturing weak
While general economic conditions across the US improved slightly over the last six weeks, activity in the manufacturing sector was weak, according to the Fed’s latest Beige Book report.
SMU Community Chat: Simonson with the latest on construction
A lot of economists were predicting a recession last year. Ken Simonson, chief economist for The Associated General Contractors of America (AGC), wasn’t one of them.
Housing starts slip to seven-month low in March
Following a strong February, US housing starts eased through March to a seven-month low, according to the most recent data from the US Census Bureau.
Manufacturing activity in New York state continues to soften
New York state saw a continued decline in manufacturing activity in April, according to the latest Empire State Manufacturing Survey from the Federal Reserve Bank of New York
Worldsteel projects steel demand to grow 1.7% this year
Global steel demand will reach roughly 1.793 million metric tons (1.976 million short tons) this year, an increase of 1.7% over 2023, the World Steel Association (worldsteel) said in its updated Short Range Outlook report. The gain will come after a 0.5% contraction in steel demand in 2023. Demand is forecasted to increase another 1.2% […]