November 15, 2013
Statement from LIA Chief Economist John Rizzo on the Empire State Manufacturing Survey
By: Dr. John A. Rizzo
"The Empire State Manufacturing Survey conducted by the Federal Reserve Bank of New York declined somewhat in November 2013. This was the first decline since May, and indicates sluggish manufacturing activity in New York State. There were declines in perceptions about general business conditions, new orders, shipments, and prices. Labor market conditions also weakened in November. Despite this negative current news, indexes for the six month outlook were strongly optimistic regarding future business conditions. Strong optimism going forward, and the five-month trend of improvements in the index prior to November's decline, suggest that the November results represent a temporary pause in manufacturing activity, and that growth will continue in the future."