The First Empire State Manufacturing Survey of 2017

Yes it is that time of the month again, the Federal Reserve Bank of New York has released its monthly survey of New York manufacturers. The results showed modest growth while labor conditions remained weak, in keeping with the results from last year’s surveys. The new orders index fell to 3.1, pointing to a small increase in orders, and the shipments index held steady at 7.3. Inventories edged higher for the first time in more than a year. Manufacturers reported a slight decline in employment and somewhat shorter workweeks. Both input prices and selling prices increased more rapidly this month, with the prices paid index climbing to its highest level in nearly three years, and the prices received index also jumping to a multiyear high. Read more.