The Empire State Manufacturing Survey general business conditions index rose 18 points to 5.7 in February, pointing to growth in the sector.
It was a strong rebound as the index had declined 15 points to -12.6 in January after plummeting 31 points to 0.2 in December. The general business conditions index is the monthly gauge of New York’s manufacturing sector.
Based on manufacturing firms responding to the survey, the February reading indicates business activity in the sector “edged higher” in New York state, the Federal Reserve Bank of New York said in its Tuesday report.
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A positive reading indicates expansion or growth in manufacturing activity, while a negative index number shows contraction in New York’s manufacturing sector.
The Empire State Survey found the indexes for new orders and shipments “grew moderately,” and input prices increased at the fastest pace in nearly two years, the New York Fed said.
At the same time, though firms expect conditions to improve over the next six months, optimism about the outlook “dropped significantly.”
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.
