Regional economic outlook for the US - wrap-up 🔎

The manufacturing sector in the United States presented a mixed picture in June 2023, according to the latest Empire State Manufacturing Index and Philadelphia Fed Survey. 

Empire State Manufacturing Index

• General Business Conditions: Actual 6.6 versus -31.8 previously
• New Orders: 3.1

The Empire State Manufacturing Index for June 2023 showed a modest increase in business activity in New York State. The general business conditions index climbed thirty-eight points to 6.6, indicating a positive change in the manufacturing sector. New orders saw a slight increase, while shipments experienced strong growth. However, both employment and hours worked continued to contract. Despite this, firms became more optimistic about the six-month outlook.

Philly FED

• Current General Activity: -13.7 versus -10.4 previously
• New Orders: -11.0

The Philadelphia Fed Survey for June indicated a continued overall decline in manufacturing activity in the region. The indicators for general activity and new orders remained negative. However, the index for shipments rose and turned positive, suggesting some areas of growth. Employment levels remained steady overall, and the price indexes stayed below long-run averages. While most future indicators improved, expectations for growth over the next six months remained tempered.