The Federal Reserve Bank of New York reported June 16 that its Empire State Manufacturing Survey general business-conditions index inched up 0.3 points to 19.3 in June. The index in May rose nearly 18 points to 19, its highest level in nearly four years. Following that strong rise, economists and analysts had been expecting the […]
The Federal Reserve Bank of New York reported June 16 that its Empire State Manufacturing Survey general business-conditions index inched up 0.3 points to 19.3 in June.
The index in May rose nearly 18 points to 19, its highest level in nearly four years.
Following that strong rise, economists and analysts had been expecting the index to decline several points in June, according to Yahoo Finance data, but it didn’t happen.
The June survey found that 40 percent of New York manufacturers reported that conditions had improved over the last month, while 21 percent said that conditions had worsened, the New York Fed said.
The survey also found the new-orders index climbed eight points to 18.4, its highest level in four years.
The shipments index fell three points but, at 14.2, still pointed to a “significant expansion” in shipments over the month.
The unfilled orders index remained at -1.1, indicating that the level of unfilled orders was “largely stable.”
The delivery time index rose two points to 1.1. The inventories index rose seven points to 9.7, indicating that inventory levels were “somewhat higher” in June.
The indexes for both prices paid and prices received were slightly lower, indicating a “slowing” in the pace of price increases, according to the New York Fed.
The prices-paid index fell three points to 17.2, and the prices-received index fell two points to 4.3.
Labor-market conditions continued to improve, the New York Fed said.
After “surging” last month, the index for number of employees fell back to 10.8, suggesting that employment levels continued to climb, though at a “more modest” pace than last month.
The average-workweek index moved up seven points to 9.7, pointing to an increase in hours worked.
Indexes for the six-month outlook remained “highly optimistic,” with the future new orders and shipments indexes recording “notable” gains, the New York Fed said.
The index for future general business conditions fell four points, but remained “high” at 39.8.
The future new-orders index climbed to 44.5, and the index for expected shipments rose 11 points to 45.2.
Indexes for expected prices were “somewhat” higher, with the future prices-paid index rising five points to 36.6 and the index for future prices received climbing two points to 16.1, according to the survey.
The index for expected number of employees rose to 20.4, and the future average-workweek index rose to zero.
The capital-expenditures index fell for a second consecutive month, dropping to 11.8, a sign that even though capital-spending plans were generally “positive,” firms expected spending growth to slow.
The technology-spending index was “little changed” at 3.2, suggesting only a slight increase in technology spending, the survey found.
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, it says.
Contact Reinhardt at ereinhardt@cnybj.com