Economy
Manufacturing Sluggish in New York, Philadelphia
Written by Sandy Williams
November 21, 2019
Manufacturing activity in New York State changed very little from October to November. The general business conditions component of the Empire State Manufacturing Index posted a 2.9 for November, indicating sluggish manufacturing growth for the sixth consecutive month.
The shipments index fell four points to 8.8 and new orders increased slightly to 5.5, still above the 0.0 level indicating growth. Unfilled orders continued to decline. Inventories were moderately lower and shorter delivery times were reported.
Input price growth continued to decelerate, while prices received remained steady. Employment expanded for the third month in a row with survey participants reporting a slightly longer work week.
Business optimism remained subdued, recording a future business conditions index reading of 19.4. Manufacturers plan to increase capital expenditures and technology spending, with the corresponding indexes rising 10.4 and 6.3 points, respectively.
The Federal Reserve Bank of Philadelphia posted a generally positive report for November. General activity in the region increased from October, but declines were noted in new orders, shipments and employment.
The Philly Index reported that the general activity index rose 5 points to 10.4 after decreasing 6 points in October. Nearly 52 percent of firms surveyed expect an increase in activity over the next six months.
“Overall, the trend in manufacturing remains mixed at levels well below last year’s levels amid trade uncertainty. This report confirmed continued uncertainty in the sector,” said T.J. Connelly, head of research at Contingent Macro, in a note to MarketWatch.
Sandy Williams
Read more from Sandy WilliamsLatest in Economy
Housing starts slide in August, but interest rate cut should help
Housing starts slowed in the US in August as affordability challenges and cautious builder sentiment weighed on new construction activity.
Second steel derivatives S232 inclusion window opens, business community voices concern
The US Department of Commerce announced that its second window for submitting applications for the inclusion of derivative steel and aluminum products in Section 232 tariffs is now open, according to the US Federal Register. September’s Inclusion Window Sept. 15 through Sept. 29, applicants can email requests for inclusions to the Defense Industrial Base Programs. The first […]
Steel Summit: ITR economist urges execs to prepare for growth, not recession
If the steel industry professionals who made it to the very final presentation of this year’s SMU Steel Summit were expecting another round of cautious forecasting, they were in for a surprise. Because what they got was a wake-up call.
ISM: Manufacturing growth remained down in August
US manufacturing activity remained muted in August despite a marginal gain from July's recent low, according to supply executives contributing to the Institute for Supply Management (ISM)’s latest report.
Steel Summit: Dr. Basu blames tariffs for riskier path ahead
Steel executives packed the main conference hall of the 2025 SMU Steel Summit on Tuesday, Aug. 26, to hear economist Dr. Anirban Basu lay out his blunt view of tariffs, inflation, and demand.