The Empire State Manufacturing Survey general business-conditions index rose almost 30 points to -48.5 in May from its worst-ever reading of -78.2 in April.
Still, the May result, based on firms responding to the survey, indicates “business activity continued to deteriorate significantly in New York,” the Federal Reserve Bank of New York said in the report issued Friday.
A negative reading on the index indicates a decline in the sector, while a positive index number points to expansion or growth in manufacturing activity.
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The survey found 15 percent of respondents reported that conditions had improved over the month, while 63 percent reported that conditions had worsened, the New York Fed said.
On the whole, firms expect business conditions to be better in six months.
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. On average, about 100 executives return responses.
