Economy

Empire State Index Falls Like the Leaves in October

October 17, 2016

Manufacturing in New York State in October was at its lowest point since May of this year. The Federal Reserve Bank of New York reported the Empire State Manufacturing Index slipped five points to -6.8 this month. The Index has been in contraction for three consecutive months, dashing economist expectations for growth in the New York region in October.

New orders increased slightly to -5.6 but orders for shipments, unfilled orders and delivery time. The inventory index was unchanged at -12.3.

Input prices continued to rise at a moderate pace and selling prices had a slight lift in October. The prices received index gained 3 points to register 4.7.

The employment index picked up ten points but remained in contraction at -4.7 along with the average workweek index at -10.4.

The six month outlook was more optimistic than September with survey respondents expecting increased orders and shipments. Prices, both input and output, are expected to rise over the next six months. Manufacturers said they were more likely to expand employment levels in the near future.

Below is a graph showing the history of the Empire State Manufacturing Index. You will need to view the graph on our website to use its interactive features, you can do so by clicking here. If you need assistance logging into or navigating the website, please contact our office at 800-432-3475 or info@SteelMarketUpdate.com.