·
In December, the Empire State Index of General Business Conditions in
New York's manufacturing industries jumped 11.1 points to 29.93, the
highest level since July. · The new orders
component more than doubled to a record 40.15 while the employment
measure also doubled the November reading. In addition, shipments were
quite strong rising 17 points. Like the Philadelphia Fed Index of
General Business Conditions, the Empire State Business Conditions Index
reflects answers to an independent survey question; it is not a weighted
combination of the components.
· The prices paid index recovered most of the November decline with a 4.4 point gain.
· Expectations for
business conditions in six months again fell sharply to the lowest level
since April 2003.
· The Empire State
Manufacturing Survey is a monthly survey of manufacturers in New York
State conducted by the Federal Reserve Bank of New York. Participants
from across the state in a variety of industries respond to a
questionnaire and report the change in a variety of indicators from the
previous month. Respondents also state the likely direction of these
same indicators six months ahead. April 2002 is the first report,
although survey data date back to July 2001.
· For more on the Empire State Manufacturing Survey, including methodologies and the latest report, click here.