New York manufacturers reported tough conditions in August in a survey the Federal Reserve Bank of New York released this morning.
The general business conditions index in the New York Fed’s August Empire State Manufacturing Survey fell 13.2 points. It fell to -5.9, dropping below zero for the first time since October 2011.
That means more manufacturers said conditions declined than said they improved. While nearly 22.1 percent of survey respondents indicated conditions were better in August, 27.9 percent cited deteriorating conditions. The remaining respondents — about 50 percent — thought conditions remained steady from July.
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Manufacturers’ future expectations declined as well, although survey respondents maintained some optimism. The future general business conditions index, which measures expectations for a time six months from now, dropped 5 points to 15.2.
More than a third of manufacturers, 37.3 percent, predict conditions will improve in six months, compared to 22.1 percent who believe they will worsen. An additional 40.6 percent expect conditions to be the same.
The New York Fed polls a set pool of about 200 manufacturing executives in the state for its monthly survey, and about 100 executives typically respond. The Fed seasonally adjusts data.
Contact Seltzer at rseltzer@cnybj.com
