The Empire State Manufacturing Survey general business conditions index fell to -16.0 in June, with business activity in the sector declining for a fourth consecutive month. In the past few months, the index dipped to -9.2 in May after rising 12 points but remaining below zero at -8.1 in April. The index fell 26 points […]
The Empire State Manufacturing Survey general business conditions index fell to -16.0 in June, with business activity in the sector declining for a fourth consecutive month.
In the past few months, the index dipped to -9.2 in May after rising 12 points but remaining below zero at -8.1 in April. The index fell 26 points to -20 in March. The general business conditions index is the monthly gauge of New York’s manufacturing sector.
Based on firms responding to the survey, the June reading indicates business activity “continued to decline” in New York state, the Federal Reserve Bank of New York said in its Monday report.
A negative index number points to a decline in the state’s manufacturing sector, while a positive reading indicates expansion or growth in manufacturing activity.
The survey found the indexes for new orders and shipments declined. It also indicated that firms turned optimistic about the outlook, with the future general business conditions index rising above zero for the first time since March, the New York Fed said.
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.
