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
House committee blocks GOP budget proposal
The budget proposal has big implications for steel and manufacturing.
Manufacturing in New York state contracts again in May
Manufacturing activity in New York state declined for the third consecutive month, according to the May Empire State Manufacturing Survey from the Federal Reserve Bank of New York. Responding firms continue to forecast weaker business conditions in the coming months.
Chicago Business Barometer falls back in April, remains in contraction
The Chicago Business Barometer declined in April, reversing March’s gains, according to Market News International (MNI) and the Institute for Supply Management (ISM).
Fewer manufacturers optimistic about the economy
PMA’s April report shows that only 16% of surveyed manufacturers anticipate an increase in economic activity in the next three months (down from 23% in March)
Architecture billings continue to slide in March
Architecture firms said billings continued to decline in March, according to the latest Architecture Billings Index (ABI) released by the American Institute of Architects (AIA) and Deltek.