The New York Empire State Manufacturing Index plunged to -0.7 in January of 2022 from 31.9 in December, well below market forecasts of 25. The reading pointed to the first contraction in NY manufacturing activity since the second quarter of 2020, as demand for goods declined amid the spread of the omicron coronavirus variant. It also ends 18 straight months of expansion. New orders declined slightly (-5 vs 27.1 in December), while shipments held steady (1 vs 27.1). Delivery times continued to lengthen (21.6 vs 23.1), and unfilled orders increased (12.1 vs 19). Labor market indicators pointed to a moderate increase in employment (16.1 vs 21.4) and a longer average workweek (10.3 vs 12.1). Both price indexes moved lower, but remained elevated (76.7 for prices paid index and 37.1 for received). Plans for capital and technology spending were strong. Looking ahead, firms remained optimistic that conditions would improve over the next six months. source: Federal Reserve Bank of New York
NY Empire State Manufacturing Index in the United States averaged 8.58 points from 2001 until 2022, reaching an all time high of 43 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 January of 2022.
NY Empire State Manufacturing Index in the United States is expected to be 18.00 points by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the United States NY Empire State Manufacturing Index is projected to trend around 6.00 points in 2023 and 4.00 points in 2024, according to our econometric models.