2011 Economic Calendar
POWERED BY  econoday logo
U.S. & Intl Recaps   |   Event Definitions   |   Today's Calendar   |   

Empire State Mfg Survey  
Released On 3/15/2011 8:30:00 AM For Mar, 2011
PriorConsensusConsensus RangeActual
General Business Conditions Index - Level15.43 16.0 14.0  to 20.0 17.5 

The perception of strength in the New York manufacturing sector is greater than the blow by blow assessment of individual factors. The headline index -- which is not a composite of components but the answer to a single question on general business conditions -- rose more than two points in the March report to 17.50 for a reading well above breakeven zero to indicate month-to-month growth and above the prior month to indicate month-to-month acceleration in growth.

But the details don't support the headline with new orders, unfilled orders, shipments, and inventories all showing slower month-to-month growth compared to February. Employment indications did rise which is a plus. Price data show acceleration for both inputs and outputs.

This report is blurred by the separation between the headline and individual indexes but it's safe to say that activity is still expanding in the New York Fed's district. Note that Thursday's report from the Philadelphia Fed uses the same methodology.

Consensus Outlook
The Empire State manufacturing index in February rose more than 3-1/2 points to 15.43 to indicate monthly growth in overall activity at an accelerating rate. Shipments slowed but are still healthy at a reading of 11.31. Looking ahead, the March headline number should be healthy as the February new orders index decelerated slightly but still posted strong growth at 11.80.

The New York Fed conducts this monthly survey of manufacturers in New York State. Participants from across the state represent a variety of industries. On the first of each month, the same pool of roughly 200 manufacturing executives (usually the CEO or the president) is sent a questionnaire to report the change in an assortment of indicators from the previous month. Respondents also give their views about the likely direction of these same indicators six months ahead.  Why Investors Care
The Empire State Manufacturing Survey has a much shorter history than the Philadelphia Fed's business outlook survey. The two series tend to move in tandem much of the time, although not each and every month. They are both considered leading indicators for the ISM manufacturing survey.
Data Source: Haver Analytics

2011 Release Schedule
Released On: 1/182/153/154/155/166/157/158/159/1510/1711/1512/15
Release For: JanFebMarAprMayJunJulAugSepOctNovDec

powered by  [Econoday]