NY Empire State Manufacturing Index
The presented indicator evaluates how the business conditions in New York are changing. It is calculated based on surveys of about 200 manufacturing enterprises in the state. In general, business confidence indices are a large group of macroeconomic indicators reflecting the current state and future prospects of doing business in the country. These are some of the earliest indicators for assessing the economic situation, so their role as leading indicators is especially important. There are many different indices reflecting business conditions and managers' expectations about the future: indices of current conditions – to understand the existing sentiment; indices of expectations – to predict future prospects; indices of industry and service sector indices; indices of new orders, employment, supplies, prices, etc. A significant part of business planning is based on these data. Business confidence data is used to predict the required level of stocks (both raw materials and finished products), prices, staff numbers, etc. In general, the necessary budget for the normal functioning of the business is planned based on the forecast of business activity.
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