Economy

Manufacturing in New York continues to soften

Written by Becca Moczygemba

December 15, 2023

New York state saw a decline in manufacturing in December, according to the latest Empire State Manufacturing Survey.

The headline general business index dropped to -14.5 points from November’s 9.1, the survey said. The new orders index fell 6.4 points to -11.3 month over month, and the shipments index decreased 16.4 points to -6.4.

Of respondents surveyed, 18% reported improved conditions, while 32% noted that manufacturing business conditions worsened, according to the survey.

The prices paid index for manufacturing in New York edged down 5.5 points to 16.7, while the prices received index inched up 0.4 points to 11.5. However, pessimism continues regarding future business conditions, the survey said.

“The index for future business conditions climbed 13 points to 12.1, a reading that suggests
firms were still not very optimistic that conditions would improve in the months ahead,” the report said.

Meanwhile, the survey said that the “capital spending index remained depressed at 4.2, and the technology spending index came in at 8.3, suggesting that firms’ investment plans remained weak.”

Becca Moczygemba

Becca Moczygemba is a reporter and editor for Steel Market Update. She has been in the steel industry since 2017, specializing in flat-rolled products. Prior to joining SMU, she held positions at Mitsui & Co. and Kloeckner Metals. Becca has a BA in Organizational/Corporate Communication from the University of Houston and an MBA from Norwich University. Contact Becca at becca@steelmarketupdate.com or 724-720-1000.

Read more from Becca Moczygemba

Latest in Economy