07202017Thu
Last updateThu, 20 Jul 2017 3pm

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Empire State Manufacturing Survey Dropped in June

Business activity grew modestly in New York State, according to firms responding to the July 2017 Empire State Manufacturing Survey. Manufacturing firms in New York State reported that business activity continued to expand in July. After reaching its highest level in more than two years last month, the general business conditions index retreated ten points to 9.8, indicating that activity grew at a slower rate than in June. Overall 30% of respondents reported that conditions had improved over the month, while 20% reported that conditions had worsened. 


U.S. Industrial Output Rose for Fifth Straight Month in June

Industrial production rose 0.4% in June for its fifth consecutive monthly increase. Manufacturing output moved up 0.2%; although factory output has gone up and down in recent months, its level in June was little different from February. The index for mining posted a gain of 1.6% in June, just slightly below its pace in May. The index for utilities, however, remained unchanged. For the second quarter as a whole, industrial production advanced at an annual rate of 4.7%, primarily as a result of strong increases for mining and utilities. Manufacturing output rose at an annual rate of 1.4%, a slightly slower increase than in the first quarter. At 105.2% of its 2012 average, total industrial production in June was 2.0% above its year-earlier level. Capacity utilization for the industrial sector increased 0.2% in June to 76.6%, a rate that is 3.3% below its long-run (1972–2016) average. 

Consumer Prices in June Show Signs of Modest Inflation

The Consumer Price Index was unchanged in June on a seasonally adjusted basis, the U.S. Department of Labor reported today. Over the last 12 months, the all items index rose 1.6%. The energy index declined again in June, falling 1.6%; this offset an increase in the index for all items less food and energy. All the major energy component indexes declined, with the gasoline index falling 2.8%.

The all items index rose 1.6% for the 12 months ending June; this measure has been declining steadily since February, when it was 2.7%. 

U.S. Sees 'Slight to Moderate' Growth in June

Economic activity expanded across all twelve Federal Reserve Districts in June, with the pace of growth ranging from slight to moderate. In addition, the majority of Districts expected modest to moderate gains in the months ahead. Manufacturing and nonfinancial services activity continued to grow, with most Districts reporting modest to moderate gains since the last report. The manufacturing sector noted steady to modestly rising input costs. 

U.S. Manufacturing Technology Orders Up 3.1% in May

The U.S. Manufacturing Technology Orders report for May 2017 showed gains for the month and year over year, according to the Association for Manufacturing Technology (AMT). May orders were up 3.1% over April, and 21.8% over May 2016. The gains in manufacturing technology orders are in line with other positive economic indicators for the manufacturing industry: industrial production, rising exports, continued industry expansion as indicated by the PMI, and strong consumer sentiment.

Orders for May 2017 totaled $351.85 million, compared to $341.33 million in April and $288.93 million in May 2016. Year to date, orders are valued at $1,667.18 million, compared to $1,552.37 million for the same point in 2016. 

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