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Economy in Brief

Empire State Index Dropped
by Tom Moeller October 15, 2004

The October Empire State Index of General Business Conditions in New York's manufacturing industries fell 9.8 points to 17.43 following a 14.04 point gain in September.

New orders and shipments both gave back some of the prior months' gains.The employment measure also fell. 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 jumped to a record high of 59.17.

Expectations for business conditions six months fell modestly as did expectations for capital expenditures.

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.

"What Can Regional Manufacturing Surveys Tell Us? - Lessons From the Tenth District" from the Federal Reserve Bank of Kansas City is available here.

Empire State Manufacturing Survey Oct Sept 10/03 2003 2002 2001
General Business Conditions (diffusion index) 17.43 27.26 20.20 16.30 7.02 -13.57
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