The Empire State Manufacturing Survey general business-conditions index soared 35 points in April to 10.8 as business activity in the sector expanded.
The index had fallen 19 points in March to -24.6. The general business-conditions index is the monthly gauge of New York’s manufacturing industry.
The April reading — based on firms responding to the survey — indicates business activity “increased in New York State for the first time in five months,” 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 points to a decline in the sector.
The survey found that 35 percent of respondents reported that conditions had improved over the month, while 24 percent said that conditions had worsened, the New York Fed said. The improvement in business conditions for New York manufacturers was led by surging new orders and shipments.
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.
