Economy

Empire State Manufacturing Index Plummets

Written by Laura Miller

May 16, 2023

The latest Empire State Manufacturing Survey shows a steep decline in business activity in the state of New York.

The headline manufacturing general business conditions index from the Federal Reserve Bank of New York fell into the negative, dropping by nearly 43 points to -31.8 in the survey taken between May 2-9. The April index reading is close to January’s reading of -32.9, which was the lowest point since the Covid-19 pandemic.

In April, the index rose for the first time in five months, but that was the only reading in positive territory so far this year.

After increasing last month, new orders and shipments declined sharply, delivery times shortened, and inventories shrunk.

“Looking ahead, businesses continued to expect little improvement in conditions over the next six months,” the report said.

The future business conditions index inched up, from 6.6 in April to just 9.8 in May.

05.16.23 Empire State 1

An interactive history of the Empire State Manufacturing Index is available on our website.

By Laura Miller, laura@steelmarketupdate.com

Laura Miller

Laura Miller is a reporter and editor for Steel Market Update. She has held a variety of positions within the steel industry since 2007, including reporting and editing for Steel Business Briefing/Platts, the Association for Iron and Steel Technology, and Kallanish Commodities, as well as marketing for what was then known as ThyssenKrupp Steel USA (now AM/NS Calvert). After a five-year hiatus working across other industries, she returned to steel in 2021 and has covered the flat rolled, tubular, and trade areas of the industry. She is a member of the Association of Women in the Metal Industries and a past-president of the AWMI Pittsburgh Chapter. She holds a BA in Latin American Studies from Edinboro University of Pennsylvania. She can be reached at laura@steelmarketupdate.com or 724-759-7869.

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