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The Governance & Culture Reform hub is designed to foster discussion about corporate governance and the reform of culture and behavior in the financial services industry.
The College Fed Challenge is a team competition for undergraduates inspired by the working of the Federal Open Market Committee.
The Community Credit interactive highlights credit conditions, including measures of credit inclusion and stress, at the national, state and county levels.
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The monthly survey of manufacturers in New York State conducted by the Federal Reserve Bank of New York.
Business activity picked up significantly in New York State, according to firms responding to the May 2019 Empire State Manufacturing Survey. The headline general business conditions index climbed eight points to 17.8, its highest level in six months. New orders and shipments also grew at a faster pace than in recent months. Delivery times held steady, and inventories moved slightly lower. Labor market indicators pointed to small increases in employment and hours worked. Price indexes were little changed, suggesting that prices increased at about the same pace as last month. Indexes assessing the six-month outlook indicated that firms were significantly more optimistic about future conditions than they were in April.
Manufacturing firms in New York State reported that business activity expanded at a solid pace. The general business conditions index rose eight points to 17.8, its second consecutive monthly increase and its highest level since November 2018. Thirty-six percent of respondents reported that conditions had improved over the month, while 18 percent reported that conditions had worsened. The new orders index rose two points to 9.7, indicating an increase in orders, and the shipments index moved up eight points to 16.3, pointing to good increases in shipments. Unfilled orders inched higher, delivery times were little changed, and inventories were somewhat below last month’s levels.
The index for number of employees fell seven points to 4.7, a level indicating that employment increased only to a small degree. The average workweek index held steady at 4.4. Price increases were similar to those seen last month. The prices paid index was little changed at 26.2, as was the prices received index at 12.4.
Manufacturing firms were significantly more optimistic about the six-month outlook than they were last month. The index for future business conditions shot up 18 points to 30.6. The indexes for future new orders and shipments climbed to similar levels. Firms expected solid increases in employment but no change in the average workweek in the months ahead. The capital expenditures index was little changed at 26.2, and the technology spending index came in at 22.8, up slightly from April’s reading.
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
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Historical Reports ››
Latest Report including charts of diffusion indexes 
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
survey 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))
To view the Seasonal Factors data, please click on the “Data & Charts” tab.
Data definitions
1 page / 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
