2012 Economic Calendar
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Empire State Mfg Survey  
Released On 3/15/2012 8:30:00 AM For Mar, 2012
PriorConsensusConsensus RangeActual
General Business Conditions Index - Level19.53 17.50 12.00  to 24.70 20.21 

Highlights
The first look at factory activity this month is mixed. The Empire State report, which covers the New York region, shows a month-to-month slowing for new orders and for shipments. Unfilled orders are contracting again but, and this is good news, to a lesser degree than in prior months. Manufacturers in the region are keeping their inventories steady and, in what is a telling sign of strong activity, they report a tangible increase in delivery times. Another telling sign of strong activity is a sizable increase underway in the workweek. Manufacturers are increasingly adding to their workforces and this month, for this report, is no exception.

There are key positives in this report, not to mention the more than 1/2 point gain in the headline index to 20.21, but again not all the signals agree. Readings on the six month outlook are very positive but slightly less positive than February and January. The next look at the March factory sector will be posted by the Philadelphia Fed later this morning at 10:00 a.m. ET.

Recent History Of This Indicator
The Empire State manufacturing index for February rose 6.05 points to 19.53 for the best reading in more than a year and a half. But details showed less strength with new orders down 4 points to 9.73, a level that's comfortably above zero to indicate a month-to-month increase in orders but still lower than January to indicate a monthly slowing in the rate of increase.

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
 
 

2012 Release Schedule
Released On: 1/172/153/154/165/156/157/168/159/1710/1511/1512/17
Release For: JanFebMarAprMayJunJulAugSepOctNovDec
 


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