The Empire State Manufacturing Survey general business-conditions index jumped 26 points in July to 43, a record high.
The rise followed a June report where the index — the monthly gauge on New York’s manufacturing sector — fell 7 points to 17.4.
The July reading — based on firms responding to the survey — indicates business activity in New York “grew at a record-setting pace,” the Federal Reserve Bank of New York said in its July 15 report.
(Sponsored)
Small Business Accounting Errors and How to Avoid Them
Running a small business presents many challenges, which can draw your attention in multiple directions at once. Keeping track of your company’s finances is essential to its long-term success and
What Distressed Property Owners Might Expect From the IRS
The commercial real estate market has been rough for some time, and the residential market has seen wild fluctuations. Inflation, high interest rates and decreased demand for office space have
A positive reading indicates expansion or growth in manufacturing activity, while a negative index number points to a decline in the sector.
The survey found half of respondents reported that conditions had improved over the month, while just 7 percent said that conditions had worsened, the New York Fed said.
The Federal Reserve Bank of New York 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.
