The NY Empire State Manufacturing Index unexpectedly sank to -31.8 in May of 2023 from 10.8 in April, compared to forecasts of -3.75. It is the lowest reading in four months, pointing to a sharp drop in manufacturing business activity in the New York State, after a big rebound in April. New orders (-28 vs 25.1) and shipments (-16.4 vs 23.9) plunged after rising significantly last month. Also, delivery times shortened somewhat (-5.7 vs 0), inventories contracted (-12.3 vs 8.2) and both employment (-3.3 vs -8) and hours worked (-3.5 vs -6.4) edged lower for a fourth consecutive month. At the same time, prices increased slightly (34.9 vs 33) and capital spending plans turned sluggish (0.9, the lowest in three years). Meanwhile, the six-month business conditions index increased only marginally to 9.8 from 6.6, in a sign businesses continued to expect little improvement in conditions over the next six months. source: Federal Reserve Bank of New York
NY Empire State Manufacturing Index in the United States averaged 7.61 points from 2001 until 2023, reaching an all time high of 43.00 points in July of 2021 and a record low of -78.20 points in April of 2020. This page provides the latest reported value for - United States NY Empire State Manufacturing Index - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. United States NY Empire State Manufacturing Index - data, historical chart, forecasts and calendar of releases - was last updated on June of 2023.
NY Empire State Manufacturing Index in the United States is expected to be -5.00 points by the end of this quarter, according to Trading Economics global macro models and analysts expectations.