General business conditions improved for New York manufacturers for the fifth straight month in March, according to a survey released this morning by the Federal Reserve Bank of New York.
The March Empire State Manufacturing Survey’s general business conditions index increased 0.7 points to 20.2, indicating a “moderate pace of growth,” according to the New York Fed. The index has been on an upward trend since October and has been in positive territory since November.
In March, 33.3 percent of manufacturers reported business conditions improved. Only 13.1 percent said conditions deteriorated, while just over 53.5 percent indicated that conditions stayed the same as the previous month.
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Manufacturers maintained high hopes for the future, according to the survey’s future general business conditions index. That index, which measures expectations for six months in the future, remained positive at 47.5 despite losing 2.9 points from last month.
Among survey respondents, 54.3 percent expect better business conditions in six months. Another 6.8 percent expect worse conditions, and 38.9 percent expect conditions will be the same as in March.
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
