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United States : Empire State Mfg Survey  
Released On 8/15/2018 8:30:00 AM For Aug, 2018
PriorConsensusConsensus RangeActual
General Business Conditions Index - Level22.6 20.0 19.0  to 22.0 25.6 

The heat isn't letting up at all for Empire State's manufacturing sample where the general conditions index rose 3 points to a 25.6 August score that easily exceeds Econoday's top estimate for 22.0.

New orders continue to pour in, at 17.1 in August with unfilled orders at 11.1 which for this reading is unusually strong. Delivery times are lengthening sharply in a sign of capacity stress but they are not holding down shipments which jumped more than 11 points to 25.7. Employment is strong at 13.1 with the workweek rising 3.3 points to 8.9. And six-month confidence, which had turned lower in this report following the imposition of steel and aluminum tariffs, is on the mend. Price readings remain elevated, especially for input costs but also for selling prices.

This sample is enjoying a very good year. Watch tomorrow for the manufacturing report from the Philadelphia Fed where another strong report is the expectation.

Consensus Outlook
New orders have been pouring into the New York Fed's manufacturing sample yet indications on capacity stress, including rising backlogs and lengthening delivery times, eased in the July report. Forecasters see the Empire State index coming in at 20.0 in August vs July's 22.6.

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 and the Philadelphia Fed's business outlook survey tend to move in tandem though 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
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