The general-business conditions index of the Empire State Manufacturing Survey climbed 19 points to 10.7 in October, representing its third positive reading in the past four months.
The index dropped 21 points to -8.7 in September, its first negative measurement since June.
Based on manufacturers responding to the survey, the October reading indicates business activity “increased modestly” in New York state, the Federal Reserve Bank of New York said in its Wednesday report.
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A positive index number indicates expansion or growth in manufacturing activity, while a negative reading on the index points to a decline in the sector.
The October survey found new orders edged higher and shipments increased, the New York Fed said. Supply availability continued to “worsen somewhat,” and inventories were little changed.
Manufacturers grew more optimistic about the outlook, with close to half expecting conditions to improve in the months ahead.
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 the state. On average, about 100 executives return responses.
