November 21, 2022
Empire State- Manufacturing Survey
Business activity edged slightly higher in New York State, according to firms responding to the November 2022 Empire State Manufacturing Survey. The headline general business conditions
index climbed fourteen points to 4.5. New orders decreased slightly, while shipments expanded modestly. Delivery times were little changed, and inventories grew significantly. Labor market
indicators pointed to a solid increase in employment and a longer average workweek. Input prices increased at about the same pace as last month, while selling price increases picked up. Looking ahead, firms expect business conditions to worsen over the next six months.
Activity Edges Higher
Manufacturing activity grew slightly in New York State, according to the November survey. The general business conditions index rose fourteen points to 4.5, its first positive reading since July. Thirty-three percent of respondents reported that conditions had improved over the month, and twenty-nine percent reported that conditions had worsened. The new orders index slipped
seven points to -3.3, pointing to a small decline in orders, while the shipments index increased eight points to 8.0, indicating that shipments increased.
The unfilled orders index moved down to -6.8, a sign that unfilled orders were slightly lower. The delivery times index came in at 2.9, indicating delivery times were little changed. The inventories index rose twelve points to 16.5, pointing to rising inventories.
Employment Continues to Increase
The index for number of employees climbed five points to 12.2, pointing to an increase in employment levels. The average workweek index edged up to 6.9, signaling a small increase in hours
worked. The prices paid index was little changed at 50.5, suggesting that input prices increased at about the same pace as last month, while the prices received index rose four points to 27.2, pointing toa small pickup in selling price increases.
Firms Pessimistic about Future Conditions
The index for future business conditions fell four points to -6.1, indicating that on net firms expect conditions to worsen over the next six months. The indexes for future new orders and shipments fell into negative territory, though employment is expected to continue to increase. Modest increases in capital spending and technology spending are planned for the months ahead.
Source: Federal Reserve Bank of New York
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