Economy
New York Firms Optimistic in February
Written by Sandy Williams
February 15, 2019
Manufacturers in New York State report that business activity improved in February. The general business index of The Empire State Manufacturing survey rose five points to post 8.8 after falling the previous two months.
Indexes for new orders and shipments remained strong in February. The index for new orders climbed four points to 7.5, while the shipment index fell eight points to a still sturdy 10.4.
Inventory and unfilled order indices were considered steady. Delivery times lengthened slightly.
Input prices slowed their pace of growth for the third consecutive month. The input prices index fell nine points to 27.1. Selling price ticked upward, gaining 10 points for a 22.9 index reading.
Employment levels increased only slightly and the average workweek index dipped to 2.5.
Looking forward to the next six months, firms showed renewed optimism with the future business index climbing 15 points to 32.3. Future orders and shipment indices spiked by double digits.
Input prices are expected to continue the slowing trend, while prices received remain relatively steady.
Firms expect employment and hours worked to increase at a solid pace in the months ahead.
The Empire State Manufacturing Index, published by the Federal Reserve Bank of New York, is the first of the regional federal reserve surveys to be released each month. When looked at together, the regional indexes provide insight on the manufacturing business cycle.
Sandy Williams
Read more from Sandy WilliamsLatest in Economy
January energy market update
In this Premium analysis we cover North American oil and natural gas prices, drilling rig activity, and crude oil stock levels. Trends in energy prices and active rig counts are leading demand indicators for oil country tubular goods (OCTG), line pipe and other steel products.
New York state manufacturing fell in January
“Price increases, while subdued, picked up,” Richard Deitz, Economic Research Advisor at the New York Fed. “Firms grew more optimistic that conditions would improve in the months ahead.”
Beige Book shows mixed economic trends, manufacturing challenges, tariff concerns
Economic activity across the US experienced slight to moderate growth at the end of 2024, while manufacturing activity showed a slight decline
Contractors concerned about tariffs, immigration in 2025: AGC survey
AGC said Trump should be “sparing” in imposing new tariffs and exclude products needed for domestic manufacturing, energy and infrastructure.
Dodge Momentum rebounds in December
Improved growth in data center planning and warehousing projects helped the Dodge Momentum Index (DMI) rebound in December.