ALBANY, N.Y. — The Empire State Manufacturing Survey general business-conditions index plummeted 20 points in August to -19.
The index had dropped six points in July to 1.1 after climbing 38 points in June. The general business-conditions index is the monthly gauge on New York’s manufacturing sector.
The August reading — based on firms responding to the survey — indicates business activity “declined” in New York State, the Federal Reserve Bank of New York said in its Tuesday report.
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A negative reading on the index indicates a contraction in manufacturing activity in the state, while a positive number points to manufacturing expansion.
The survey found 16 percent of respondents reported that conditions had improved over the month, while 35 percent said conditions had worsened, the New York Fed said.
It also found that new orders and shipments “fell significantly” at New York manufacturers.
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 state. On average, about 100 executives return responses.
