Econoday Economic Report: Empire State Mfg Survey May 15, 2012

2012 Economic Calendar

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Empire State Mfg Survey

Released On 5/15/2012 8:30:00 AM For May, 2012

	Prior	Consensus	Consensus Range	Actual
General Business Conditions Index - Level	6.56	10.00	2.00 to 15.00	17.09

Highlights
Activity is definitely picking up this month in the New York Fed's manufacturing region where the index on general business conditions rose more than 10 points to 17.09. New orders show mild acceleration at a moderate and healthy pace while shipments show heavy month-to-month acceleration. Employment numbers are strengthening further and inventories are up. Another positive in the report is easing in price pressure no doubt tied to oil. This is the first regional look at the manufacturing sector with the second to be on Thursday from the Philly Fed.

Market Consensus before announcement
The Empire State manufacturing index in April softened notably to 6.56, down from readings of around the 20 level in the prior two months. April was still in positive territory. But the new orders index was essentially steady at 6.48 versus 6.84 in March, indicating continued moderate growth.

Definition
The New York Fed conducts this monthly survey of manufacturers in New York State. Participants from across the state represent a variety of industries. On the first of each month, the same pool of roughly 175 manufacturing executives (usually the CEO or the president) is sent a questionnaire to report the change in an assortment of indicators from the previous month. Respondents also give their views about the likely direction of these same indicators six months ahead. Why Investors Care

The Empire State Manufacturing Survey has a much shorter history than the Philadelphia Fed's business outlook survey. The two series tend to move in tandem much of the time, although not each and every month. They are both considered leading indicators for the ISM manufacturing survey.
Data Source: Haver Analytics

2012 Release Schedule

Released On: 1/17 2/15 3/15 4/16 5/15 6/15 7/16 8/15 9/17 10/15 11/15 12/17

Release For: Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

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Actual Data Source: Haver Analytics