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Sunday, December 10, 2023
HomeNewsEconomyEmpire State Manufacturing Index Ticks Up In March, But Missed Expectations

Empire State Manufacturing Index Ticks Up In March, But Missed Expectations

The Empire State manufacturing index in New York state rose in the month of March, though at a slower rate than economists had forecast. New orders and inventories jumped, the New York Federal Reserve said in a report on Monday.

The New York Fed’s Empire State general business conditions index rose to 5.61 in March, up from 4.48 in the month of February.

The new orders index rose to 3.13 from a -0.21 prior, while inventories jumped to 7.06 from -5.0.

However, the employment gauges showed mixed signals. The index for the number of employees dropped to 5.88 from 11.25 and the average employee workweek index increased slightly to 4.71 from 3.75.

The index of business conditions six months ahead bottomed a bit to 33.21 from 38.99 in February.

The survey of manufacturing plants in the state is one of the earliest monthly guideposts to U.S. factory conditions, and precedes the Philadelphia and Midwest index.

Written by
Data Journalism Editor

Rich, the People's Pundit, is the Data Journalism Editor at PPD and Director of the PPD Election Projection Model. He is also the Director of Big Data Poll, and author of "Our Virtuous Republic: The Forgotten Clause in the American Social Contract."

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