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Economy in Brief

Empire State Index Eased Higher Again
by Tom Moeller March 15, 2005

The Empire State Index of General Business Conditions in New York's manufacturing industries inched higher in March to 19.61 but remained well below its level a year ago.

The new orders component improved sharply to the highest level since last September and the employment measure rose as well to its highest since September. 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 rose and reversed all of the moderate decline in February.

Expectations for business conditions in six months rose to the highest level this year.

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 Mar Feb Mar '04 2004 2003 2002
General Business Conditions (diffusion index) 19.61 19.19 28.15 28.76 16.17 7.19
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