US empire manufacturing index for January 4.8 vs 3.6 estimate

Author: Greg Michalowski | Category: News

US empire manufacturing index for January 2020

Empire manufacturing index equals the highest level since August 2019
  • Empire manufacturing index 4.8 versus 3.6 estimate. . The index is the highest since August 2019 when it also came in at 4.8.
  • The December index was revised to 3.3 from 3.5 previously reported
  • new orders 6.6 in January versus revised 1.7 December
  • shipments a .6 versus 9.5 in December
  • prices paid 31.5 in January versus 15.2 in December
  • prices received 14.4 versus 4.3 in December
  • employment 9.0 in January versus 10.4 in December
  • average employee workweek 1.3 versus 0.7 in December
  • unfilled orders -2.7 versus -13.8 in December
  • delivery time -2.7 versus -5.8 in December
  • inventories -0.7 versus +2.2 in December
The forward-looking six-month survey results are showing
  • six-month business condition index 23.6 in January verse revised 26.1 the December
  • employment six-month forward 12.1 versus 11.9 last month
  • new orders six-month forward 31.4 versus 30.8 last month
  • shipments six-month forward 32.7 versus 27.9 last month
  • prices paid six-month forward 43.8 versus 39.1 last month
  • prices received six-month forward 29.5 versus 29.0 last month
  • expected capital expenditures stayed steady at 25.3 versus 26.1 last month
  • technology spending decline to 22.6 versus 27.5 last month
28% of the respondents said that conditions have improved over the month while 23% reported that conditions had worsened.

Benchmark revisions were made in the current report.

The big gainers for the month came in the prices indices for both prices paid and prices received.  Although the report showed an increase above estimates, the overall index remains near the middle of the 4 year range.  Looking at the general business condition expectations six-month forward the index is closer to lows (see the chart below).

Six-month forward general business conditions from the New York manufacturing
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