The Empire State Manufacturing Survey general business-conditions index climbed 30 points to -1.5 in September.
The index fell 42 points in August to -31.3, the second largest monthly decline in the index on record. 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 “held steady” in New York, the Federal Reserve Bank of New York said in its Thursday news release.
(Sponsored)
Avoiding the Most Common Overtime Classification Mistakes
Are you sure your organization is prepared for an audit of your payroll practices? In this FREE one hour webinar to be held at noon on November 14, 2023, you
Inflation and Insurance Rates: How to Offset the Impact
Many industries have been hit by inflation where it hurts the most, our pockets. Inflation is raising the price of goods and services including food, housing, transportation, and medical care.
A negative reading on the index indicates a decline in the sector, while a positive reading indicates expansion or growth in manufacturing activity.
The survey found 30 percent of respondents reported that conditions had improved over the month, while 32 percent reported that conditions had worsened, the New York Fed said.
Survey results indicate that new orders edged higher, and shipments increased “sharply.”
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.
