The Empire State Manufacturing Survey general business-conditions index fell seven points to -4.6 in October.
The benchmark index had climbed 21 points in September to 1.9 after plummeting 20 points in August. The general business-conditions index is the monthly gauge on New York’s manufacturing sector.
Based on firms responding to the survey, the October reading indicates business activity “edged lower” in New York state, the Federal Reserve Bank of New York said in its Monday report.
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A negative index number indicates a decline in the sector, while a positive reading shows expansion or growth in manufacturing activity in the state.
The survey found 24 percent of respondents reported that conditions had improved over the month, while 29 percent said that conditions had worsened, per the New York Fed.
The report also found that new orders “fell slightly” and shipments were “little changed.”
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 state. On average, about 100 executives return responses.
