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United States : Empire State Mfg Survey  
Released On 2/15/2018 8:30:00 AM For Feb, 2018
PriorConsensusConsensus RangeActual
General Business Conditions Index - Level17.7 17.5 13.0  to 19.0 13.1 

Much like the Philly Fed, the sample for the Empire State report continues to report strong conditions, at 13.1 for February. New orders are at 13.5 with unfilled orders building. Shipments are strong as is hiring and the average workweek is rising. And just like the Philly Fed, price indications are heating up noticeably with input costs accelerating sharply and selling prices showing steady and very strong traction.

Regional reports have been so strong that capacity stress, such as slowing delivery times and lack of available labor, continue to come into question. But these reports have consistently overshot actual government data, such as the manufacturing component of the industrial production which is coming up later this morning at 9:15 a.m. ET and where only modest strength is the call.

Consensus Outlook
The Empire State index pulled back in January to what was still a very strong rate of growth. Though growth for most of January's readings slowed including shipments and employment, price data showed acceleration including expectations for future costs and future selling prices. After 17.7 in January, the consensus for February is 17.5.

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

2018 Release Schedule
Released On: 1/162/153/154/165/156/157/168/159/1710/1511/1512/17
Release For: JanFebMarAprMayJunJulAugSepOctNovDec

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