Economy
Empire State Manufacturing Index Dips in July, But Still Positive
July 17, 2023
Manufacturing activity in New York state has stayed relatively level in July compared with the previous month, according to the most recent Empire State Manufacturing Survey.
The headline manufacturing general business conditions fell six points to 1.1 in July month-on-month, according to survey results collected between July 3 and July 11 by the Federal Reserve Bank of New York.
Out of respondents polled, 29% said conditions had improved over the month, while 27% reported that condtions had worsened, the survey said. The new orders index ticked up to 3.3 in July vs. 3.1 a month earlier, and the shipments index dropped to 13.4 from 22 in the same comparison. The New York Fed said this indicated orders edged higher, and the shipment index suggested an increase in shipments, “though at a slower pace than last month.”
“Price increases continued to moderate,” according to the survey, as the prices paid index fell 5.3 points to 16.7 in July vs. June, and has now fallen almost 50 points over the past year. The prices received index dropped 5.1 points to 3.9 in the same comparison.
The inventories index stayed negative at -10.8 (off 4.8 points from June), indicating that inventories moved lower, the New York Fed said.
The future business conditions index dropped 4.6 points to 14.3, “indicating that while conditions are expected to improve, optimism remained subdued,” the survey said.
An interactive history of the Empire State Manufacturing Index is available on our website.
By Ethan Bernard, ethan@steelmarketupdate.com
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