2017 Economic Calendar
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Empire State Mfg Survey  
Released On 8/15/2017 8:30:00 AM For Aug, 2017
PriorConsensusConsensus RangeActual
General Business Conditions Index - Level9.8 9.8 7.0  to 15.0 25.2 

Highlights
The gains keep coming for the regional manufacturing reports. The Empire State index is up very sharply this month to 25.2 for the strongest headline showing since September 2014. New orders in August, at 20.6, were last matched in March this year and before that all the way back in April 2010. And the 6-month outlook, at 45.2, is up more than 10 points in the month and back at its expansion highs.

Now the superlatives ease back with employment showing only moderate monthly growth, at 6.2, and unfilled orders remaining in contraction at minus 4.7. But August's burst in new orders is certain to help unfilled orders going forward which in turn should help employment. Inflation data are mixed with input prices showing substantial pressure but with selling prices moderating, the latter hinting that the new order surge may be tied in part to price discounts.

Advance indications on the factory sector have been on fire all year and only lately, and to a comparatively limited degree, have hard factory data been showing the same kind of life. But this report is still a standout and points to another month of strong regional readings. Watch Thursday for the August report from the Philly Fed.

Recent History Of This Indicator
The Empire State report will be the first factory indication on the month of August and yet another solid score, at a consensus 9.8, is expected in what would compare with July's 9.8. New orders in July, which are a leading indication for general August strength, were very solid though backlog orders did contract which could be a negative for employment.

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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