2012 Economic Calendar
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Empire State Mfg Survey  
Released On 4/16/2012 8:30:00 AM For Apr, 2012
PriorConsensusConsensus RangeActual
General Business Conditions Index - Level20.21 18.00 10.00  to 22.70 6.56 

Growth in the New York state's manufacturing region is slow but steady, headlined by a 6.56 index for April. This is down from rates around the 20 level in the prior two months, but the headline reading for this report is a subjective assessment of general business conditions. Arguably the most important reading in this report is new orders which show little change: 6.48 April, 6.84 March, 9.73 February. These rates of incoming order growth aren't gangbusters but they are sustainable which hints at long term health for the region's manufacturing economy.

Other readings are mixed including slowing growth for shipments, a contraction in unfilled orders, and a small build for inventories. Price data are mixed showing heavy but easing pressure for inputs and also some pricing power for finished goods. A big positive is a third straight gain for employment which, at an index of 19.28, indicates that manufacturers in the region may be scrambling for help.

Today's report is one of the earliest indications on the month of April, and though some readings are on the soft side, the steady trend of modest monthly gains for new orders is a significant positive. Next data on April manufacturing will be on Thursday with the Philadelphia Fed's report.

Consensus Outlook
The Empire State manufacturing index in March rose to 20.21 from 19.53 the month before. Strength was in inventories, number of employees, and delivery time. Weakness was in a slowing in new orders growth (though still positive) and shipments growth. Readings on the six month outlook were very positive but slightly less positive than February and January.

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

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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