The general-business conditions index of the Empire State Manufacturing Survey rose 11 points to 7.7 in January.
The index fell 23 points to -3.9 in December after climbing 8 points to 18.7 in November.
Based on firms responding to the survey, the January reading indicates business activity “rose modestly” in New York State, the Federal Reserve Bank of New York said in its Thursday announcement.
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A positive reading indicates expansion or growth in manufacturing activity, while a negative numbers shows a decline in the sector.
The January survey found new orders increased, and shipments grew at a “solid pace,” the New York Fed said. Delivery times were unchanged and inventories edged down, while supply availability worsened slightly.
Firms remained “fairly optimistic” about the outlook, with half expecting conditions to improve over the next six months.
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.
