The results from the last Empire State Manufacturing Survey of 2018 are in! New York Manufacturers are remaining optimistic about 2019 but they are slightly more tempered than in November.
Business activity grew at a slower pace than in recent months in New York State, according to firms responding to the December 2018 Empire State Manufacturing Survey. The headline general business conditions index fell twelve points to 10.9. New orders increased modestly, while shipments continued to climb significantly. Delivery times lengthened slightly, and inventories moved higher. The employment index rose twelve points to 26.1, indicating that employment grew strongly, and hours worked increased modestly. The prices paid index, while still elevated, moved down five points, and the prices received index held steady. Looking ahead, firms remained fairly optimistic about the six-month outlook.
Each January the survey goes through revisions to prepare for the upcoming year. All data undergoes a benchmark revision in December to reflect new seasonal factors. The diffusion indexes are each tested for seasonality and adjusted accordingly if patterns are found.
2019 will most definitely be an interesting year for the manufacturing industry. The exponential growth in technology and innovation will undoubtably have an impact on the industry. We look forward to finding out what’s in store.