Economy
Empire State Index Dips in July
Written by Sandy Williams
July 16, 2018
Manufacturing activity remained fairly brisk in New York State, despite dropping 2.4 points in July to a general business index reading of 22.6. A reading above zero indicates growth, and July’s reading was better than expected by economists.
The new orders index slipped 3.1 points to 18.2, while shipments fell 8.9 points to 14.6. Delivery times continued to lengthen and inventories decreased marginally.
Prices continued to increase in July although the prices paid index retreated 10 points to 42.7. The prices received index at 22.2 was little changed from 22.1 posted in June.
The index for number of employees dipped two points from its 2018 high in June to register at 17.2, indicating a more moderate pace of hiring. The average workweek index decreased to 5.6 from 12.0.
Said the Federal Reserve Bank of New York regarding future business conditions: “Optimism about the six-month outlook slipped this month. The index for future business conditions fell eight points to 31.1, essentially reversing last month’s gain. Manufacturers continue to expect fairly swift increases in employment in the months ahead, and the indexes for future prices remained elevated.”
The July survey showed manufacturing continuing at a healthy pace in the region, but economists expressed concern that escalating trade tension could dampen future growth.
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 in to or navigating the website, please contact Brett at 706-216-2140 or Brett@SteelMarketUpdate.com.
Sandy Williams
Read more from Sandy WilliamsLatest in Economy
Architecture billings flat in October after months of contraction
Architecture firms reported stable billings in October, according to the latest Architecture Billings Index (ABI) released by the American Institute of Architects (AIA) and Deltek. This follows 20 months of contracting business conditions.
Trump taps Lutnick to be Commerce Secretary
President-elect Donald Trump has named Wall Street veteran Howard Lutnick as the new US Secretary of Commerce.
New York state manufacturing activity ramps up to multi-year high
New York state’s manufacturing sector saw substantial recovery in November, according to the latest Empire State Manufacturing Survey from the Federal Reserve Bank of New York.
CRU: Dollar and bond yields rise, metal prices fall as Trump wins election
Donald Trump has won the US presidential election. The Republican party has re-taken control of the Senate. Votes are still being counted in many tight congressional races. But based on results so far, the Republicans seem likely to maintain control of the House of Representatives. If confirmed, this will give Trump considerable scope to pass legislation pursuing his agenda. What this means for US policy is not immediately obvious. Trump will not be inaugurated until Jan. 20. In the coming weeks and months, he will begin to assemble his cabinet, which may give a clearer signal on his policy priorities and approaches. Based on statements he made during the presidential campaign, we have set out the likely direction of his economic policy here and green policy here.
ISM: Manufacturing index fell in Oct to lowest point of ’24
Domestic manufacturing contracted for the seventh straight month in October, according to the latest report from the Institute for Supply Management (ISM). This marks the 23rd time in the last 24 months that it has been in contraction.