Economy

NY Manufacturing Flat in April

April 16, 2015

Manufacturing activity in New York was essentially flat in April. The General Business Index of the Empire State Manufacturing Survey fell 8 points to -1.19, dropping into negative territory for the first time since December 2014. The survey is published monthly by the Federal Reserve Bank of New York and is on based responses from participants in a variety of industries in the state of New York.

New orders contracted as well with 32.6 percent of those surveyed indicating lower orders compared to 27.48 in March, putting the index at -6.00 for the month. Weak global demand, a strong dollar and a fall in US exports made the decline unsurprising.

Shipments climbed in April for an index reading up seven points to 15.2. The unfilled orders index registered -11.7, and the delivery index inched downwards to -4.26.

Input prices increased, with the prices paid index up seven points to 19.15, while prices received fell four points to 4.26.

Inventory levels were slightly higher in April as indicated by an index reading returning to a positive reading of 2.13 after negative readings since November.

The index for number of employees fell from a reading of 18.56 in March to 9.57 in April but, nevertheless, remained in growth mode.

Manufacturers were more optimistic in the six month outlook than they were in the previous two months. The future general business index rose six points to 37.06. Input prices are expected to increase while received stay flat. Inventories are likely to increase. The future employment index continued to register growth although falling to 22.34 from 28.27 in March.

Manufacturers were more confident about capital expenditures over the next six months. The index for technology spending more than doubled to 15.96 in April.

Below is an interactive graphic of the Empire State Manufacturing Index History along with a 3 month moving average, 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}