Tuesday, January 16, 2018

NY Fed: "Business activity continued to grow at a solid clip"

by Bill McBride on 1/16/2018 08:38:00 AM

From the NY Fed: Empire State Manufacturing Survey

Manufacturing firms in New York State reported that business activity continued to expand strongly. The general business conditions index was little changed at 17.7. ... The index for number of employees fell nineteen points to 3.8, a level suggesting only a small increase in employment levels. The average workweek index fell to a level near zero, indicating that hours worked were unchanged.

Looking ahead, firms remained optimistic about the six-month outlook. The index for future business conditions edged up two points to 48.6. The index for future inventories rose to 20.3, a record high, indicating that firms expect to build up inventories significantly in the months ahead. The index for future number of employees rose three points to 26.9, a multiyear high.
emphasis added
This was slightly below expectations, but still a solid report.