Economy
Empire State Manufacturing Index Rises in June
Written by Becca Moczygemba
June 19, 2023
The latest Empire State Manufacturing Survey shows an increase in business activity in the state of New York in June after a drop the prior month.
The headline manufacturing general business conditions index from the Federal Reserve Bank of New York jumped up into the positive, rising by 38 points to 6.6 in the survey taken between June 2-9.
The index reading was last in the positive in April when it was 10.8. The index has spent four of the past six months in the negative. In May, the index had dropped to -31.8.
While 31% of participants reported conditions improved over the month, 24% reported that conditions had worsened, the survey said. The new orders index rose 31 points to 3.1, and the shipments index climbed 38 points to 22. The inventories index was at -6, which the New York Fed said is an indication inventories are moving lower.
The prices paid index softened, dropping by 13 points to 22, and and the prices received index declined 15 points to 9.0. Prices paid and prices received indices are now at levels comparable to before the pandemic, according to the survey.
The future business conditions index edged up to nine points to 18.9, the second consecutive increase.
An interactive history of the Empire State Manufacturing Index is available on our website.
By Becca Moczygemba, becca@steelmarketupdate.com
Becca Moczygemba
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