Economy
New York state manufacturing activity strengthens in September
Written by Brett Linton
September 16, 2024
The state of New York saw a recovery in manufacturing activity in September, according to the latest Empire State Manufacturing Survey from the Federal Reserve Bank of New York. This marks the first growth month for the Empire State Manufacturing Index since November 2023.
The General Business Conditions Index rose 16 points from August to 11.5 in September, the highest reading recorded since April 2022. Firms remain mostly optimistic about future business conditions, with 45% of respondents expecting improvements in the next six months.
“New York State manufacturing activity in September grew for the first time in nearly a year, with shipments increasing strongly,” commented New York Fed economic research advisor Richard Deitz.
The majority of the survey’s current indicators improved from August to September. For the first time in months, the new orders index signaled growth. The shipments index surged to a multi-month high, while the inventories index flattened out at zero. The capital spending index eased to its first negative reading since 2020. The full release is available here.
The Empire State Manufacturing Index has only indicated improving business conditions in seven months over the last two years. This time last year, the index registered -19.0, the fourth lowest rate in 2023.
On a three-month moving average basis (3MMA) the index rose to 0.1 through September, now at a ten-month high and the first positive reading of the year (Figure 1). March’s reading of -22.3 was the fourth-lowest 3MMA figure within our 15-year data history, higher only than April, May, and June 2020.
An interactive history of the Empire State Manufacturing Index is available here on our website.
Brett Linton
Read more from Brett LintonLatest in Economy
Durable goods orders rise again in February
Transportation equipment led the increase, rising 1.5% to $98.3 billion.
Consumer confidence falls for fourth consecutive month
People remain concerned about inflation, trade policies, and tariffs.
Housing starts ticked up in February
Single-family starts last month hit a rate of 1.10 million, a month-over-month increase of 11.4%, census data shows.
Architecture billings continued to slide in February
The ABI is a leading indicator for near-term nonresidential construction activity and projects business conditions ~9-12 months down the road (the typical lead time between architecture billings and construction spending).
New York state manufacturing activity tumbles in March
After a modest recovery in February, business activity in New York state’s manufacturing sector declined sharply in March, according to the latest Empire State Manufacturing Survey from the Federal Reserve Bank of New York.