2011 Economic Calendar
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Empire State Mfg Survey  
Released On 12/15/2011 8:30:00 AM For Dec, 2011
PriorConsensusConsensus RangeActual
General Business Conditions Index - Level0.61 3.0 0.0  to 7.0 9.53 

The pace of activity in the New York region's manufacturing sector is picking up briskly this month, to 9.53 for the Empire State index vs little change in November, at 0.61, and a prior run of monthly contraction that goes back to June. New orders are up to 5.10 this month vs minus 2.07 in November with shipments especially strong at 20.87. Manufacturers in the region added to their workforces in the month with the employment index at 2.33 vs minus 3.66 in the prior month. The six-month outlook for general business conditions has really picked up, to 52.33 vs 39.02 in November and 6.74 in October.

Negatives in the report include a contraction in unfilled orders and a rise for input prices. Otherwise this report is a positive and offers an early indication of strength for the nation's manufacturing sector this month. The Philadelphia Fed will post its manufacturing report later this morning at 10:00 a.m. ET.

Consensus Outlook
The Empire State manufacturing index in November improved to plus 0.61 from minus 8.48 the month before. The November reading was the first positive number since May. However, the new orders index was still soft at minus 2.07, showing a monthly contraction with unfilled orders, at minus 7.32, showing a slightly deeper contraction. But manufacturers in the region see this contraction as temporary with their six-month outlooks pointing to growth for each but especially for new orders.

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
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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