Economy
New York state manufacturing activity strengthens in September
Written by Brett Linton
September 16, 2024
The state of New York saw a recovery in manufacturing activity in September, according to the latest Empire State Manufacturing Survey from the Federal Reserve Bank of New York. This marks the first growth month for the Empire State Manufacturing Index since November 2023.
The General Business Conditions Index rose 16 points from August to 11.5 in September, the highest reading recorded since April 2022. Firms remain mostly optimistic about future business conditions, with 45% of respondents expecting improvements in the next six months.
“New York State manufacturing activity in September grew for the first time in nearly a year, with shipments increasing strongly,” commented New York Fed economic research advisor Richard Deitz.
The majority of the survey’s current indicators improved from August to September. For the first time in months, the new orders index signaled growth. The shipments index surged to a multi-month high, while the inventories index flattened out at zero. The capital spending index eased to its first negative reading since 2020. The full release is available here.
The Empire State Manufacturing Index has only indicated improving business conditions in seven months over the last two years. This time last year, the index registered -19.0, the fourth lowest rate in 2023.
On a three-month moving average basis (3MMA) the index rose to 0.1 through September, now at a ten-month high and the first positive reading of the year (Figure 1). March’s reading of -22.3 was the fourth-lowest 3MMA figure within our 15-year data history, higher only than April, May, and June 2020.
An interactive history of the Empire State Manufacturing Index is available here on our website.
Brett Linton
Read more from Brett LintonLatest in Economy
Second steel derivatives S232 inclusion window opens, business community voices concern
The US Department of Commerce announced that its second window for submitting applications for the inclusion of derivative steel and aluminum products in Section 232 tariffs is now open, according to the US Federal Register. September’s Inclusion Window Sept. 15 through Sept. 29, applicants can email requests for inclusions to the Defense Industrial Base Programs. The first […]
Steel Summit: ITR economist urges execs to prepare for growth, not recession
If the steel industry professionals who made it to the very final presentation of this year’s SMU Steel Summit were expecting another round of cautious forecasting, they were in for a surprise. Because what they got was a wake-up call.
ISM: Manufacturing growth remained down in August
US manufacturing activity remained muted in August despite a marginal gain from July's recent low, according to supply executives contributing to the Institute for Supply Management (ISM)’s latest report.
Steel Summit: Dr. Basu blames tariffs for riskier path ahead
Steel executives packed the main conference hall of the 2025 SMU Steel Summit on Tuesday, Aug. 26, to hear economist Dr. Anirban Basu lay out his blunt view of tariffs, inflation, and demand.
Steel Summit: Schneider sees SDI ‘on the edge of a very good run’
Steel Dynamics Inc. (SDI) President and Chief Operating Officer, Barry Schneider, remains bullish about the Fort Wayne, Ind.-based steelmaker’s position in the current market.