Economy

Empire State Manufacturing Index Expands in November

Written by David Schollaert

November 16, 2021

Manufacturing growth in the state of New York saw a strong expansion rate in November compared to October, according to the Empire State Manufacturing Survey. The headline general business conditions index rose 11 points to 30.9 during the month.

New York

After falling by 15 points in October, the rebound in the headline index was a welcome sight as manufacturing activity grew at a solid clip in New York in November. Indices for new orders expanded by 28.8 points this month, up 4.5 from October, while shipments grew by 28.2 points, 19.3 points higher than last month.

Unfilled orders were slightly lower for the second straight month in November at 12.7, down 5.8 points. Delivery times remained significantly long but moved down 5.8 points to 32.2. The inventories index slipped modestly by 2.7 points to a reading of 9.3 points.

Prices paid strengthened for the second straight month after contracting slightly in August and September. Prices received rose month on month in November by 7.3 points to 83.0, while prices received rose by 7.3 to 50.8. The number of employees grew by 8.9 points to 26.0 in November, as did the average workweek index, expanding 7.8 points to 23.1.

The six-month outlook was less optimistic, down 15.1 points to 36.9, the Federal Reserve Bank of New York said. New orders fell 16.6 points to a reading of 34.4, while shipments slipped 20.1 points to a measure of 32.2. Decreases in employment and prices are also expected in the coming months.

The capital expenditures index rose 3.2 points to 34.7 in November. The technology spending index was also up slightly month on month, edging up 1.1 points to a reading 28.0 in November.

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 us at info@SteelMarketUpdate.com.

empire state 11 16 21

By David Schollaert, David@SteelMarketUpdate.com

 

David Schollaert

David Schollaert is a senior analyst for Steel Market Update. David joined SMU after more than a decade in the metals and mining industry in a myriad of different roles. Much of his early experience and expertise were within the coverage and analysis of steel-making raw materials and served previously as senior editor of the CRU Prices Service. Most recently, however, before his return to market analysis, David held roles as a metals buyer and an operations manager for raw material suppliers. Based in CRU’s Pittsburgh office, David can be reached at david@steelmarketupdate.com or 724-720-1008.

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