The general-business conditions index of the Empire State Manufacturing Survey is back in positive territory for the first time since February, rising 22 points in July to 5.5.
In the past few months, the index fell to -16.0 in June and dipped to -9.2 in May. The general-business conditions index is the monthly gauge of New York’s manufacturing sector.
Based on firms responding to the survey, the July reading indicates business activity “picked up slightly” in New York state, the Federal Reserve Bank of New York said in its Tuesday, July 15 report.
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A positive reading indicates expansion or growth in manufacturing activity, while a negative index value indicates a decline in the sector.
The July survey found new orders edged higher and shipments increased. In addition, inventories “grew significantly,” and employment expanded for a second consecutive month. Capital-spending plans grew, and firms remained “fairly optimistic” about the outlook, 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.
