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Economy in Brief

Empire State Index Up Sharply
by Tom Moeller July 15, 2005

The July Empire State Index of General Business Conditions in New York's manufacturing industries doubled June's positive reading and rose to 23.91 versus 10.49. The two figures were the best back-to-back positive indications since March

The new orders component jumped to 19.15, the highest level since January and the shipments index also surged. The employment index gave back most of the prior month's gain. 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 fell sharply to the lowest level since December 2003.

Expectations for business conditions in six months improved to the highest level this year. Expectations for future capital spending also recovered to the highest level since April.

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 July June July '04 2004 2003 2002
General Business Conditions (diffusion index) 23.91 10.49 34.65 28.76 16.17 7.19
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