Business conditions remained positive for New York manufacturers in April, although they improved at a slower rate than in recent months, according to a survey from the Federal Reserve Bank of New York.
The April Empire State Manufacturing Survey’s general business conditions index dropped 13.6 points to 6.6. While the index declined, it remained in positive territory, indicating that manufacturing activity “improved modestly,” according to the New York Fed.
The survey found that 27.9 percent of manufacturers reported improving conditions in April and 21.3 percent said conditions worsened. The remaining 50.8 percent of survey respondents indicated conditions stayed the same as last month.
Hopes for the future remained high among manufacturers, according to the survey’s future general business conditions index, which measures expectations for a time six months from now. The index slipped 4.4 points yet remained positive at 43.1.
Nearly half of survey respondents, 49.2 percent, expect better business conditions in six months. Just 6.1 percent believe conditions will be worse in six months, and 44.7 percent of survey respondents 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