Steel Products

NY Manufacturing Activity Slumps in August

Written by Ethan Bernard

August 17, 2023

Manufacturing activity decreased in New York state in August, according to the most recent Empire State Manufacturing Survey.

The headline general business conditions index dropped 20.1 points to -19.0 in August vs. July, the first negative reading since May, the August survey, compiled from responses between Aug. 2 and Aug. 9, said. The new orders index fell 23.2 points to -19.9 in the same comparison, while the shipments index dropped 25.7 points to -12.3.

Regarding business conditions, 16% of respondents said conditions improved in August, while 35% said conditions had worsened, the survey, conducted by the Federal Reserve Bank of New York, said.

“Both the input and selling price indexes moved up several points, but from relatively low levels, pointing to a modest pickup in the pace of price increases,” the survey said. The prices paid index rose 8.5 points to 25.2 in August from July, as the prices received index increased 8.7 points to 12.6.

Inventories moved lower over the month, with the inventories index ticking up 1.1 points to -9.7 in August, remaining in negative territory.

Looking ahead six months, firms were more optimistic, according to the survey. The future business conditions index increased 5.6 points to 19.9 in August month over month.  

Ethan Bernard

Ethan Bernard is a reporter and editor for Steel Market Update. He previously worked for American Metal Market as a copy editor in the New York office for two years starting in 2008. Later, he copy edited AMM’s monthly magazine on a freelance basis from 2015 until 2017. With experience in financial copywriting and textbook publishing, he holds a BA in Comparative Literature from UC Berkeley, and an MFA. in Creative Writing from New York University. He can be reached at ethan@steelmarketupdate.com or 724-759-7871.

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