2017 Economic Calendar
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Empire State Mfg Survey  
Released On 2/15/2017 8:30:00 AM For Feb, 2017
PriorConsensusConsensus RangeActual
General Business Conditions Index - Level6.5 7.5 5.5  to 9.0 18.7 

Highlights
It has been the Philly Fed report that has been signaling emerging strength in the manufacturing sector with Empire State showing constructive but less spectacular gains. That is until February with Empire State now coming in at 18.7 which is well beyond the 7.5 consensus. This is the strongest reading in 2-1/2 years.

And strength is centered where it must be, in new orders which are at 13.5, also the strongest reading in 2-1/2 years. Unfilled orders, which are almost always negative in this report, are suddenly in the plus column at 8.2. Shipments are unusually strong, employment is in the plus column, inventories are being built, and delivery times are slowing as congestion builds in the supply chain. Price readings confirm the strength with inputs showing sharp and increasing pressure and selling prices also showing increasing pressure.

This report offers the first advance look at the February manufacturing sector with this morning's industrial production report to show the first definitive look at January's conditions. A strong reading for the latter, together with this report, could raise talk of a long awaited breakout for the manufacturing economy.

Recent History Of This Indicator
The Empire State report has been sending solid indications of acceleration in the manufacturing sector. Inventory building and strong optimism in the 6-month outlook are recent strengths. Forecasters see the index posting a 4th straight month in the plus column, at 7.5 in a report that will offer some of the first indications on February activity.

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
 
 

2017 Release Schedule
Released On: 1/172/153/154/175/156/157/178/159/1510/1611/1512/15
Release For: JanFebMarAprMayJunJulAugSepOctNovDec
 


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