New York manufacturers reported improving business conditions in February, boosting the monthly Empire State Manufacturing Survey’s general business conditions index to its highest point since June 2010.
The survey’s general business conditions index rose six points to 19.5, according to the Federal Reserve Bank of New York, which released its February manufacturing survey this morning. Among survey respondents, 31.6 percent said conditions improved in February, while 12.1 percent said they worsened. The remaining 56.3 percent of respondents said conditions remained the same as in January.
The general business conditions index has been on the rise since October. It is now at its highest point since June 2010, when it registered 20.3.
“I think it’s very good news,” says Randall Wolken, president of the Manufacturers Association of Central New York (MACNY). “This continues to be a positive trend. Now we’re up to some of the highest levels we’ve seen in over a year.”
Manufacturers also expressed high hopes in the survey’s future general business conditions index, which measures expectations for a period six months in the future. That index dropped 4.5 points but remained in positive territory at 50.4.
That positive reading means a majority of survey respondents expect better business conditions in six months — 57.6 percent said they believe conditions will be better, while just 7.2 percent expect them to be worse. The remaining 35.2 percent of respondents said conditions will likely remain 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