The general-business conditions index of the Empire State Manufacturing Survey fell 21 points to -8.7 in September, its first negative reading since June.
In the past few months, the index rose 6 points to 11.9 in August after soaring 22 points to 5.5 in July. The general-business conditions index is the monthly gauge of New York’s manufacturing sector.
Based on firms responding to the survey, the September reading indicates business activity “declined modestly” in New York state, the Federal Reserve Bank of New York said in its Monday announcement.
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A negative reading on the index indicates a decline in the sector, while a positive number indicates expansion or growth in manufacturing activity.
The September survey found new orders and shipments fell “sharply,” the New York Fed said. Supply availability “worsened somewhat,” while inventories edged lower for a second straight month.
Firms expected some improvement in conditions in the months ahead, but optimism remained “subdued.”
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.
