Post: Mar. 28, 2019
The results for the March 2019 Empire State Manufacturing Survey suggest that business activity grew only slightly in the last month.
The headline general business conditions index fell five points to 3.7. New orders increased only marginally, while shipments grew modestly. Delivery times and inventories held steady. Labor market indicators pointed to an increase in employment, but a small decline in hours worked. The prices paid index moved higher for the first time in four months, pointing to a pickup in input price increases, while the prices received index moved lower, indicating a slowing in selling price increases.
Firms continue to be optimistic in their six-month outlooks, however optimism was slightly lower than last month.
The index for future business conditions edged down three points to 29.6. The indexes for future new orders and shipments were also somewhat below last month’s levels. Firms expected solid increases in employment and hours worked in the months ahead. The capital expenditures index was little changed at 28.3, and the technology spending index came in at 20.3.
Read the full report for a more detailed look at the results.
Post: Dec. 18, 2018
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.
Read the full report for a more detailed look at the results.
