Economy
Manufacturing Activity Surges in NY in February
Written by Sandy Williams
February 17, 2020
A surge in business activity in New York State surprised economists in February. The Empire State Manufacturing Survey’s general business index shot up eight points for a reading of 12.9, well above the forecast consensus of 4.0 and posting its highest level since May 2019.
Business conditions improved across the board except for a softening in employment. New orders jumped 15.5 points to register 22.1 and shipments gained 10.3 points for a reading of 18.9.
Longer delivery times were noted along with stronger inventories. Price pressure eased in February with input price increases slowing and selling prices inching up slightly.
Looking forward to the next six months, manufacturer optimism was restrained. The index for future business conditions was slightly lower and indices for future orders and shipments declined 3.9 and 6.2 points, respectively. The future inventories index tumbled 17.9 points to register -8.3. Employee numbers are expected to grow modestly during the period and capital spending plans declined only slightly.
Economists suggest that improvements in January and February manufacturing indices may indicate a turnaround for the sector, although the impact of the coronavirus has yet to be seen.
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 us at info@SteelMarketUpdate.com.
Sandy Williams
Read more from Sandy WilliamsLatest in Economy
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.
Chicago Business Barometer slips in October
The Chicago Business Barometer fell to a five-month low in October and continues to indicate deteriorating business conditions, according to Market News International (MNI) and the Institute for Supply Management (ISM).