U.S. August Empire State Manufacturing Survey - Strongest since December 2021
August’s Empire State manufacturing index at 20.6 from 15.6 is the strongest since December 2021 and implies that a recent investment-fueled revival in manufacturing persists, though it should be noted that the Empire State survey is quite volatile.
Some of the details are less impressive, with new orders at 17.3 from 22.2 and employment at 9.3 from 11.4 slightly slower than in July, but still comfortably positive.
Six month expectations on activity at 32.1 from 27.9 are firmer, but remain within a fairly tight range, suggesting the current month strength may in part reflect volatility.
Prices paid at 58.6 are up from 52.3 but still below May and June outcomes above 60, and appear consistent with recent moves in oil. Six month expectations for prices paid at 57.7 give a similar message, up from July’s 53.0 but still below recent highs.
Prices received at 22.7 from 27.6 are surprisingly at a 4-month low and saw a third straight slowing from a recent high of 31.8 seen in July. 6-month expectations for prices received however bounced to 48.7 from 41.9, moving to the firm side of what has been a fairly stable, if firm, recent trend.
