The Empire State Manufacturing Survey general business conditions index dipped to -9.2 in May, declining for a third consecutive month.
In the past few months, the index rose 12 points but remained below zero at -8.1 in April after falling 26 points to -20 in March. The general business conditions index is the monthly gauge on New York’s manufacturing sector.
Based on firms responding to the survey, the May reading indicates business activity “continued to decline modestly” in New York State, the Federal Reserve Bank of New York said in its Thursday news release.
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A negative reading on the index indicates a decline in the sector, while a positive reading indicates expansion or growth in manufacturing activity.
The survey found the indexes for new orders and shipments climbed above zero as both increased after declining last month.
At the same time, firms remained pessimistic about the outlook, with the future general business conditions index “holding slightly below zero.”
In addition, the survey found the supply-availability index fell to -11.4, “suggesting supply availability worsened,” 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.
