The Empire State Manufacturing Survey general business-conditions index climbed 5.3 points in March to 17.4, “its highest level since July of last year.” It’s the second straight strong month for the index, a monthly gauge of New York’s manufacturing sector, which rose 9 points in February to 12.1. The March reading — based on firms responding […]
The Empire State Manufacturing Survey general business-conditions index climbed 5.3 points in March to 17.4, “its highest level since July of last year.”
It’s the second straight strong month for the index, a monthly gauge of New York’s manufacturing sector, which rose 9 points in February to 12.1.
The March reading — based on firms responding to the survey — indicates business activity “grew at a solid clip” in New York, the Federal Reserve Bank of New York said in its March 15 report.
A positive number indicates expansion or growth in manufacturing activity, while a negative index reading points to a decline in the sector.
The latest survey found 34 percent of respondents reported that conditions had improved over the month, while 17 percent said that conditions had worsened, the New York Fed said.
Survey details
The new-orders index was little changed at 9.1, indicating that orders increased, and the shipments index “shot up” 17 points to 21.1, its highest level since before the pandemic, the New York Fed said.
Delivery times again rose at the “fastest pace in a year,” and inventories edged higher.
The index for number of employees was little changed at 9.4, indicating “ongoing modest” gains in employment, and the average-workweek index inched up to 10.9, “signaling an increase in hours worked.”
The prices-paid index rose 7 points to 64.4, again reaching its highest level in a decade, pointing to “sharp” input-price increases. The prices-received index was little changed from the prior month’s two-year high, pointing to ongoing selling price increases.
The index for future business conditions was fairly flat at 36.4, but still suggested that firms “remained optimistic” about future conditions.
The index for future shipments bounced up to 46.5. The index for future inventories rose to a multi-year high, and both the future prices-paid and prices-received indexes continued to “march upward,” the New York Fed said.
The index for future employment rose to its highest level in over 10 years, suggesting that manufacturers “widely expect” to increase employment in the months ahead. The capital-expenditures index came in at 26.8, and the technology-spending index was 20.1.
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.