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Survey: Slow business activity but increased optimism for N.Y. manufacturers
Manufacturing activity Manufacturing activity fell for a fourth consecutive month in New York, according to the Federal Reserve Bank of New York’s Empire State Manufacturing survey. (file photo)
Manufacturing activity Manufacturing activity fell for a fourth consecutive month in New York, according to the Federal Reserve Bank of New York’s Empire State Manufacturing survey. (file photo)
Survey: Slow business activity but increased optimism for N.Y. manufacturers
Listen to this articleManufacturing activity declined in New York, according to firms responding to the Federal Reserve Bank of New York’s August 2023 Empire State Manufacturing Survey.
Sixteen percent of respondents reported that conditions had improved over the month, while thirty-five percent reported that conditions had worsened.
The new orders index fell twenty-three points to -19.9, and the shipments index dropped twenty-six points to -12.3, pointing to a moderate decline in orders and shipments.
The unfilled orders index remained negative at -6.8, a sign that unfilled orders continued to decline. The inventories index also remained negative at -9.7, indicating that inventories moved lower. The delivery times index came in at 1.9, suggesting delivery times were steady.
In contrast, the index for future business conditions rose six points to 19.9, its highest level in more than a year, suggesting firms have become more optimistic about future conditions.
New orders and shipments are expected to increase significantly, input price increases are expected and employment is expected to grow considerably, according to the survey. The capital spending index climbed eleven points to 13.6, suggesting that capital spending plans firmed somewhat.
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