The Empire State Manufacturing survey general business-conditions index rose 3 points to 25.6 in August, a 10-month high, as “business activity expanded strongly.” The August results suggest that “business activity remained robust in New York State, according to firms responding” to the survey, the Federal Reserve Bank of New York said in a news release […]
The Empire State Manufacturing survey general business-conditions index rose 3 points to 25.6 in August, a 10-month high, as “business activity expanded strongly.”
The August results suggest that “business activity remained robust in New York State, according to firms responding” to the survey, the Federal Reserve Bank of New York said in a news release issued Aug. 15.
The August rise follows a 2-point decline in the benchmark index in July.
A positive reading indicates expansion or growth in manufacturing activity, while a negative reading on the index indicates a decline in the sector.
The survey found 42 percent of respondents reported that conditions had improved over the month, while 16 percent said that conditions had worsened.
Survey details
The new-orders index was little changed at 17.1, and the shipments index rose 11 points to 25.7, readings that “reflected strong growth,” the New York Fed said.
Unfilled orders increased, and inventories “held steady.” The delivery-time index went up 4 points to 10.4, indicating that delivery times “continued to lengthen.”
The index for number of employees edged lower, but at 13.1, “pointed to a pickup” in employment levels. The average-workweek index was 8.9, indicating a “modest” increase in hours worked.
Price increases remained “elevated.” The prices-paid index inched up to 45.2, and the prices-received index came in at 20.0.
Firms remained “moderately optimistic” about the 6-month outlook, “though less so than earlier this year.”
The index for future business conditions climbed 4 points to 34.8. The indexes for future unfilled orders and future delivery times both turned negative, suggesting that “businesses expect fewer unfilled orders and shorter delivery times.”
Respondents expect employment to increase in the months ahead, and the indexes for future prices remained elevated.
The capital-expenditures index moved up 10 points to 26.7, and the technology-spending index rose 3 points to 12.6.
The New York Fed distributes the Empire State Manufacturing Survey on the first day of each month to the same pool of about 200 manufacturing executives in New York. On average, about 100 executives return responses.
