Empire State Manufacturing Survey

The monthly survey of manufacturers in New York State conducted by the Federal Reserve Bank of New York.

The Supplemental Survey Report on "borrowing needs and credit standards" will be released July 16 at 8:30 a.m.

Download the full report pdf

The July 2014 Empire State Manufacturing Survey indicates that business conditions improved significantly for a third consecutive month for New York manufacturers. The headline general business conditions index climbed six points to 25.6, its highest level in more than four years. The new orders index was little changed at 18.8, while the shipments index rose nine points to 23.6; both indexes were at multiyear highs. The unfilled orders index fell six points to -6.8. The indexes for both prices paid and prices received were higher this month, indicating a pickup in the pace of price increases. Labor market conditions continued to improve, with indexes pointing to a solid increase in employment levels and a slight increase in hours worked. Although many of the indexes for the six-month outlook were significantly lower, conditions overall were expected to continue improving in the months ahead.

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Released at 8:30 a.m.
JAN
FEB
MAR
APR
15 report PDF
18 report PDF
17 report PDF
15 report PDF
MAY
JUN
JUL
AUG
15 report PDF
16 report PDF
15 report PDF
15
SEP
OCT
NOV
DEC
15
15
17
15

Historical Reports ››
Historical Tables
Diffusion Indexes
Seasonally adjusted: txt | csv
Not seasonally adjusted: txt | csv
Data definitions PDF 2 pages / 10 kb
All Data
Seasonally adjusted: txt | csv
Not seasonally adjusted: txt | csv
Data definitions PDF 2 pages / 10 kb
Seasonal Factors
Seasonal factors: txt | csv
Data definitions PDF 2 pages / 15 kb

Participants from across the state in a variety of industries respond to a questionnaire and report the change in a variety of indicators from the previous month. Respondents also state the likely direction of these same indicators six months ahead. April 2002 is the first report, although survey data date back to July 2001.

The survey is sent on the first day of each month to the same pool of about 200 manufacturing executives in New York State, typically the president or CEO. About 100 responses are received. Most are completed by the tenth, although surveys are accepted until the fifteenth.

For demonstration only:
Sample surveyPDF 1 page / 44 kb

Respondents come from a wide range of industries from across the New York State. No one industry dominates the respondent pool.

The survey's main index, general business conditions, is not a weighted average of other indicators—it is a distinct question posed on the survey. Each index is seasonally adjusted when stable seasonality is detected.

Revisions
Each January, all data undergo a benchmark revision to reflect new seasonal factors.

Seasonal Adjustment
The Empire State Manufacturing Survey seasonally adjusts data based on the Census X-12 additive procedure utilizing a logistic transformation.

The "increase" and "decrease" percentage components of the diffusion indexes are each tested for seasonality separately and adjusted accordingly if such patterns exist. If no seasonality is detected, the component is left unadjusted. The "no change" component contains the residual, computed by subtracting the (adjusted) increase and decrease from 100. Seasonal factors are forecast in December for the upcoming year.

Data are adjusted using a logistic transformation. The not-seasonally adjusted series, expressed in decimal form (referred to as "p"), is transformed using the following equation:

X = log(p/(1-p))

The seasonal factor is then subtracted from X:

adjX = X - seasonal factor

The result is then transformed using the following equation:

SA Series = exponential(adjX)/(1+exponential(adjX))

Seasonal factors are available here


Data definitionsPDF 2 pages / 15 kb

Contacts
Tech help: nyrsf.webteam@ny.frb.org

Questions about survey/data: richard.deitz@ny.frb.org or (716) 849-5025; jason.bram@ny.frb.org or (212) 720-5651

Tools
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