New York manufacturing index hits record high in July

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.

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.