New York Fed Empire manufacturing index for October 2021
The Empire manufacturing index for October 2021
- Prior report. The index rose to 34.3 last month. The high for the year was 45.9 in September
- New orders 24.3 versus 33.7 last month.
- Prices paid 78.7 versus 75.7 last month.
- Prices received 43.5 versus 47.8 last month.
- Employment 17.1 versus 20.5 last month.
- Average workweek 15.3 versus 24.3 last month.
- Shipments 8.9 versus 26.9 last month.
- Unfilled orders 18.5 versus 20.9 last month.
- Delivery time 38.0 versus 36.5 last month.
- Inventories 12.0 versus 11.3 last month.
The six month business conditions index rose to 52.0 from 48.4 last month
- New orders 51.0 versus 48.4 last month.
- Prices paid 67.6 versus 61.7 last month.
- Prices received 50.0 versus 51.3 last month.
- Number of employees 37.1 versus 40.3 last month.
- Average employee workweek 10.2 versus a .7 last month
- Shipments 52.3 versus 54.7 last month.
- Unfilled orders 0.9 versus 0.0 last month.
- Delivery time 5.6 versus 1.7 last month
- Inventories 17.6 versus 13.0 last month
- Capital expenditures 31.5 versus 33.9 last month.
- Technology spending 26.9 versus 33.0 last month
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From the NY Fed:
Business activity grew at a solid pace in New York State, according to firms responding to the October 2021 Empire State Manufacturing Survey. The headline general business conditions index fell fifteen points to 19.8, pointing to a slower pace of growth than last month. New orders and shipments increased, though by less than they did last month. The delivery times index inched up to a record high. Labor market indicators pointed to ongoing growth in employment and the average workweek. Both the prices paid and prices received indexes held near record highs. Looking ahead, firms were still very optimistic that conditions would improve over the next six months.
Last month the index rose greater than expected to 34.3 versus an estimate of 18.0. This month the index came back toward that estimate. The high for the yield reached 45.9 in September.
These indices do ask businesses the trends from month to month. With Covid and supply chain and other issues, that can influence the polled businesses on a month-to-month basis. The index is still pointing toward growth with higher inflation. The forward-looking index is also largely positive.
With high inflation, businesses will be encouraged to look toward cutting costs via capital expenditures and technology spending, increasing efficiencies and productivity in the process. Both those future looking indices are trading near high levels indicative of that process in play.
