New York manufacturing index back in positive territory

The Federal Reserve Bank of New York reported that its Empire State Manufacturing Survey general business-conditions index climbed 11 points to 10, indicating that “business activity expanded” in January.

That’s according to the news release posted Thursday on the website of the New York Fed.

The index in December had tumbled 14 points to its first negative reading in nearly two years.

The January report found 33 percent of manufacturer respondents felt that conditions had improved, while 23 percent reported that conditions had worsened.

This month’s survey also showed “modest” growth in new orders and shipments, according to the New York Fed.

Labor-market conditions were mixed, with the index for number of employees rising several points to 13.7, while the average-workweek index remained negative at -8.4.

Both the prices-paid and prices-received indexes came in at 12.6, indicating a “continued modest” increase in input prices and selling prices.

As has been the case for much of the past year, indexes for the six-month outlook pointed to “widespread optimism” about future conditions.

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.