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Economy in Brief

Empire State Index Jumped
by Tom Moeller December 15, 2004

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.

Empire State Manufacturing Survey Dec Nov Dec '03 2004 2003 2002
General Business Conditions (diffusion index) 29.93 18.86 36.16 28.57 16.30 7.02
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