Empire manufacturing survey for June 2020
- Prior Month
- Empire manufacturing and index -0.2 vs. -30.0 estimate. Last month the index was at -48.5. The rebound is much better than expectations
- new orders -0.6 vs. -42.4 last month
- shipments 3.3 vs. -39.0 last month
- unfilled orders -12.5 vs. -20.3 last month
- delivery time 1.3 vs. -4.1 last month
- inventories -0.6 vs. -3.4 last month
- prices paid 16.9 vs. 4.1 last month
- prices received -0.6 vs. -7.4 last month
- number of employees -3.5 vs. -6.1 last month
- average employee workweek -12.0 vs. -21.6 last month
the Empire manufacturing index surprise to the upside coming in at -0.2 vs. -30 estimate. Last month the index was down -48.5. The April index plunged to -78.2. That was an all-time record low.
Moreover, firms were notably more optimistic that conditions would be better in six months, with the index for future business conditions rising to its highest level in more than a decade. That expectations my change however, with changes in the trajectory of the Covid cases going forward.
The six-month forward survey results show:
- General business conditions 56.5 vs. 29.1 last month
- new orders 52.9 vs. 35.0
- shipments 53.1 vs. 33.3 last month
- unfilled orders 1.9 vs. 0.0 last month
- delivery times 0.6 vs. -4.7 last month
- inventories -5.6 vs. 0.7 last month
- prices paid 25.6 vs. 20.3 last month
- prices received 7.5 vs. 2.0 last month
- number of employees in 19.0 vs. 10.4 last month
- average employee workweek 5.0 vs. 8.1 last month
- capital expenditures 3.1 vs. -8.1 last month
- technology spending 6.3 vs. -8.1 last month
