New York manufacturing activity expanded in the latest month with a key benchmark hitting a level not seen since late last year.
The general business conditions index of the Empire State Manufacturing Survey rose 6 points to 11.9 in August. That followed up a 22-point jump in the index in July to bounce back into positive territory.
The general business conditions index is the monthly gauge of New York’s manufacturing sector. Based on firms responding to the Empire State Survey, the August reading indicates business activity “grew modestly” in New York state, the Federal Reserve Bank of New York said in its Friday, Aug. 15 report.
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A positive index reading indicates expansion or growth in manufacturing activity, while a negative index number points to a decline in the sector.
The August survey found both new orders and shipments increased. In addition, inventories declined after growing in July, and supply availability “worsened somewhat.” Capital spending plans were “soft.” Manufacturing firms in the Empire State expect conditions to improve in the months ahead, though “optimism diminished” compared to last month, the New York Fed said.
The Federal Reserve Bank of New York 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.
