2017 Economic Calendar
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Empire State Mfg Survey  
Released On 7/17/2017 8:30:00 AM For Jul, 2017
PriorConsensusConsensus RangeActual
General Business Conditions Index - Level19.8 15.0 10.0  to 18.3 9.8 

A little less strength is probably welcome in the New York Fed's manufacturing sample where gains at times have been unsustainable. The Empire State index came in at 9.8 in July vs Econoday's consensus for 15.0 and against June's very hot 19.8.

New orders are strong at 13.3 but down nearly 5 points from June while unfilled orders moved back into contraction to minus 4.7. Employment slowed to 3.7 for a 4 point dip while shipments also slowed but are still very solid at 10.5.

Another sign of slowing is a nearly 8 point dip in general expectations to 34.9 which is relatively moderate for this reading, one that always runs well above current assessments. Inventory building is slowing this month with price readings stable and favorable as both inputs and selling prices are showing positive pressure.

This report has been very strong this year and well above actual strength in the nation's factory sector. Watch for Thursday's Philly Fed report for the second regional update this month on the factory sector and where another outsized gain, at 23.9, is the Econoday's consensus.

Consensus Outlook
The Empire State report isn't hot every month but it was in June with a 19.8 reading that forecasters see slowing to what would be a still very strong 15.0 in July. Order readings were very solid in June which points to general strength in July's activity.

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

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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