2011 Economic Calendar
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Empire State Mfg Survey  
Released On 4/15/2011 8:30:00 AM For Apr, 2011
PriorConsensusConsensus RangeActual
General Business Conditions Index - Level17.5 17.5 8.0  to 21.1 21.7 

Manufacturing activity in the Empire State region is robust and shows no substantial effect from Japan. New orders surged in the April report as did shipments and, yes, even employment. A look at the supply chain shows no lengthening in delivery times. In a special question, 80 percent of the sample report little or no impact from the crisis in Japan.

The news isn't all good given further acceleration in prices including strong acceleration in prices received in what is an indication of cost pass through. But this report is very positive. Next data on the manufacturing sector will be included in this morning's industrial production report for March at 9:15 a.m. ET.

Consensus Outlook
The Empire State manufacturing index in March rose 2.07 points to 17.50 for a reading well above breakeven zero and suggesting a mild month-to-month acceleration in growth. However, indexes for new orders, shipments, and inventories all eased compared to February but remained in positive territory, indicating slowing but still growing activity. The index for new orders slowed to 5.81 from 11.80 in February.

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

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