Empire State Manufacturing Survey for August 2021

Earlier today, the Federal Reserve Bank of New York  (NY Fed) released the Empire State Manufacturing Survey for this month (August 2021):

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Expected: +15.0

• Actual: +18.3

Any figure below zero implies that manufacturing in the region is contracting, and vice versa.

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The July 2021 Figure: +43.0 

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From Today's Report:

"...Business activity continued to expand in New York State, according to firms responding to the August 2021 Empire State Manufacturing Survey, though growth was significantly slower than last month’s record-setting pace. The headline general business conditions index fell twenty-five points to 18.3. New orders increased modestly, and shipments grew slightly. Delivery times continued to lengthen substantially, and inventories were somewhat higher. Employment and the average workweek increased modestly. Input prices continued to rise sharply, and the pace of selling price increases set another record. Looking ahead, firms remained optimistic that conditions would improve over the next six months, with substantial increases in employment and prices expected..."

 

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About This Survey, From The NY Fed Website:

"...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..."

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• Click here to view the full New York Fed report.

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• For a national perspective on manufacturing in the United States, check out the Institute of Supply Management's Purchasing Manager's Index (PMI).

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