2011 Economic Calendar
POWERED BY  econoday logo
Resource Center »  U.S. & Intl Recaps   |   Event Release Dates   |   Event Definitions   |   Today's Calendar

Empire State Mfg Survey
Released On 5/16/2011 8:30:00 AM For May, 2011
PriorConsensusConsensus RangeActual
General Business Conditions Index - Level21.7 20.0 15.0  to 22.5 11.88 

Highlights
The first indication on this month's activity in the manufacturing sector points to a slowing in an otherwise still solid rate of growth. The Empire State index fell nearly 10 points to 11.88, a level that's well over zero to indicate month-to-month growth but below April's 21.70 level to indicate a slowing rate of growth.

The news is definitely not that bad with new orders and shipments still strong, though again showing slower rates of growth than April. Unfilled orders show an increasing rate of growth with inventories posting a sizable build. Job indications are special positives with the number of employees on the rise and the workweek on the rise. Price readings are a concern with inputs rising sharply to their highest level since 2008 and output prices, that is prices that customers pay, at a high and slightly accelerating level.

A plus in the report is data on the six-month outlook where optimism across nearly all readings is on the rise. This report is mixed but does point to healthy growth. The Philadelphia Fed will post its report on the manufacturing sector on Thursday.

Market Consensus before announcement
The Empire State manufacturing index in April rose 4.2 points to 21.70 and well over the breakeven point of zero. Detail was robust as indexes for the number of employees, shipments, and new orders gained further in positive territory. A healthy reading for the headline index in May is likely as April's new orders index was notably strong, rising 16.53 points on the month to 22.34, the highest reading since March 2010.

Definition
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 175 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
 
[Chart]
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]