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Economy in Brief

Empire State Index Rebounded Strongly in September
by Tom Moeller September 15, 2004

The Empire State Index of General Business Conditions in New York's manufacturing industries recovered most of the prior month's skid with a 15.1 point rise in September to 28.34.

All of the activity components of the survey recovered, especially new orders and shipments.The employment measure, as well, rose notably. 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 rose modestly to 51.64 from 50.00 in August but remained below the highs of earlier this year.

Expectations for business conditions six months ahead rose sharply to the highest level since January. Expectations for capital expenditures also jumped 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 Sept Aug 9/03 2003 2002 2001
General Business Conditions (diffusion index) 28.34 13.22 19.96 16.30 7.02 -13.57
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