Economy

Empire State Manufacturing Index Dips in August

August 15, 2014

Current manufacturing conditions in New York slipped in August according to the latest Empire State Manufacturing Index. The headline index for general business conditions dropped 11 points to register 14.7 after reaching a four year high of 25.6 in July. The survey still indicates manufacturing growth but not as widespread as previously, said the Federal Reserve Bank of New York.

The index for new orders decreased by five points to 14.1 in August, while the shipments index rose one point to 24.6. Unfilled orders were down one point to -8.0 indicating a decrease in backlogs. Inventories were leaner as evidenced by an 11 point drop to -14.8 for the inventory index.

The drop in the headline number surprised economists who expected a reading of around 20 for August.

Manufacturing conditions in New York are looking good in the six month outlook according to the manufacturing companies in the survey. The index soared 18 points to its highest level since 2012, registering 46.8.

“Despite the pullback in most of the survey’s indexes for current conditions, optimism about the near-term outlook grew increasingly widespread,” said the New York Fed in its release.

Below is an interactive graphic of the Empire State Manufacturing Index History and a three month moving average (3MMA), but it can only be seen when you are logged into the website and reading the newsletter online. If you need any assistance logging in or navigating the website, contact us at info@SteelMarketUpdate.com or 800-432-3475.

{amchart id=”140″ Empire State Manufacturing Index and 3MMA}