New York manufacturing activity expanded moderately in May, as manufacturers reported an upswing in general business conditions.
The general business conditions index in the Federal Reserve Bank of New York’s May Empire State Manufacturing Survey jumped 10.5 points to 17.1. The increase largely makes up for last month’s survey, which showed a 13.6 point drop in the index.
In May, 40.5 percent of manufacturers said conditions improved. Another 23.4 percent said conditions deteriorated, and 36.1 percent said they stayed the same.
The survey’s future general business conditions index, which measures expectations for a time six months in the future, tumbled 13.9 points. The index remained positive at 29.3, demonstrating that more manufacturers expect better conditions in six months.
Just under half of survey respondents, 47.6 percent, expect better conditions, while 18.3 percent believe conditions will decline. The final 34.1 percent think conditions will be the same.
The New York Fed polls a set pool of about 200 New York manufacturing executives for the monthly survey. About 100 executives typically respond, and the Fed seasonally adjusts data.
Contact Seltzer at rseltzer@cnybj.com