The June reading — based on firms responding to the survey — indicates business activity “increased modestly” in New York State, the Federal Reserve Bank of New York said in its Thursday news release.
A positive reading indicates expansion or growth in manufacturing activity, while a negative reading on the index indicates a decline in the sector.
The survey found 31 percent of respondents reported that conditions had improved over the month, while 24 percent reported that conditions had worsened, the New York Fed said.
(Sponsored)
Ask the Expert: How Registered Apprenticeship Can Solve Employers’ Workforce Challenges
In today’s tight labor market, finding and retaining skilled workers is tougher than ever. Many industries are facing talent shortages, rising turnover costs, and the pressure to keep pace with
Keeping Your Firm Secure on the Road to Digitization
By Dan Hernborg Sales Engineer With the looming threat of a potential recession and economic downturn, many professional service firms are looking to reduce costs and increase efficiency in preparation.
It also found that new orders “inched up” and shipments “grew strongly,” it added.
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.
