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NY manufacturing activity sharply declines in August


ALBANY, N.Y. (NEWS10) — New York State manufacturing activity plummeted in August, according to a report by the Federal Reserve Bank of New York. The Empire State Manufacturing survey report shows that general business conditions declined 42.4 points to end up at -31.3.

Each month, the Federal Reserve Bank of New York releases its report on current manufacturing conditions. The last time manufacturing activity was this low was April 2020 at -78.20, right after the COVID-19 pandemic hit. Manufacturing also declined to around -32 in 2009 during the recession.

For the Empire State Manufacturing survey report, the Federal Reserve Bank of New York surveyed about 200 manufacturing executives in a variety of industries in New York, typically the president or CEO. About 100 responses were received.

Current conditions

General business conditions represent the overall status of the manufacturing industry. However, respondents are asked about a series of categories where they can indicate whether activity increased, decreased, or stayed the same.

Category July index August index Change
New Orders 6.2 -29.6 -35.8
Shipments 25.3 -24.1 -49.4
Unfilled Orders -5.2 -12.7 -7.5
Delivery Time 8.7 -0.9 -9.6
Inventories 14.8 6.4 -8.4
Prices Paid 64.3 55.5 -8.8
Prices Received 31.3 32.7 1.4
Number of Employees 18 7.4 -10.6
Average Employee Workweek 4.3 -13.1 -17.4

Future conditions

Respondents are also asked about how they think these conditions will be in the future, specifically looking ahead six months. “The index for future business conditions came in at 2.1, suggesting that firms were not optimistic about the six-month outlook,” said the report.

Category July index August index Change
General Business Conditions -6.2 2.1 8.3
New Orders 0 14 14
Shipments 7.2 18.7 11.5
Unfilled Orders -22.6 -4.5 18.1
Delivery Time -9.6 -12.7 -3.1
Inventories -1.7 -6.4 -4.7
Prices Paid 43.5 49.1 5.6
Prices Received 28.7 43.6 14.9
Number of Employees 22.5 30 7.5
Average Employee Workweek -9.6 -10.9 -1.3
Capital Expenditures 16.5 12.7 -3.8
Technology Spending 12.2 10 -2.2

To see the full report, you can visit the Federal Reserve Bank of New York website.


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