Manufacturing conditions kept sputtering in January, monthly polling of firms in New York state shows.
The general business conditions index in the Empire State Manufacturing Survey shifted down half a point to -7.8. That negative number in the survey, which was released this morning by the Federal Reserve Bank of New York, indicates more manufacturers dealt with declining conditions than conditions on an upswing.
Over a quarter of manufacturers, 25.9 percent, said conditions improved from last month. But they were outweighed by the 33.7 percent of manufacturers reporting eroding conditions in January. The remaining 40.4 percent of survey respondents said conditions were unchanged.
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The future evoked a more positive response from manufacturers. They fueled a slight rise in the future general business conditions index, which measures expectations for a time six months from now.
It increased 4.5 points to 22.4. The future index was buoyed by 40.8 percent of manufacturers predicting a better future, compared to 18.4 percent who said conditions would worsen. The final 40.8 percent of manufacturers indicated conditions will remain the same as they are today.
The New York Fed polls a set pool of about 200 manufacturing executives in the state for its monthly survey. About 100 executives typically respond.
The Fed seasonally adjusts data, and January’s results take an annual benchmark revision into account.
Contact Seltzer at rseltzer@cnybj.com
