The Empire State Manufacturing Survey general business-conditions index climbed 16 points to 11.5 in September with activity expanding for the first time since November 2023.
The index rose nearly 2 points to -4.7 in August after slipping less than 1 point to -6.6 in July. The general business-conditions index is the monthly gauge on New York’s manufacturing sector.
Based on firms responding to the survey, the September reading indicates business activity “grew in New York State for the first time in nearly a year” the Federal Reserve Bank of New York said in its Monday report.
A positive index number indicates expansion or growth in manufacturing activity, while a negative reading on the index shows a decline in the sector.
The survey found “new orders climbed, and shipments grew significantly,” the New York Fed said.
It also found firms grew more optimistic that conditions would improve in the months ahead, though the capital-spending index dipped below zero for the first time since 2020.
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.