The general-business conditions index of the Empire State Manufacturing Survey rose 8 points to 18.7 in November, its fourth positive reading in the past five months and highest in a year.
The index had climbed 19 points to 10.7 in October, after dropping 21 points to -8.7 in September.
Based on manufacturing firms responding to the survey, the November reading indicates business activity “increased at a solid pace” in New York state, the Federal Reserve Bank of New York said in its Monday report.
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A positive index number indicates expansion or growth in manufacturing activity, while a negative reading on the index indicates a decline in the sector.
The November survey found new orders and shipments increased “significantly,” the New York Fed said. Supply availability “worsened somewhat,” and inventories expanded.
Firms expect conditions to improve in the months ahead, though firms were not as optimistic as last month.
The New York Fed distributes the Empire State Manufacturing Survey on the first day of each month to the same pool of about 200 manufacturing executives in New York. On average, about 100 executives return responses.
