The June reading — based on firms responding to the survey — indicates business activity “increased modestly” in New York State, the Federal Reserve Bank of New York said in its Thursday news release.
A positive reading indicates expansion or growth in manufacturing activity, while a negative reading on the index indicates a decline in the sector.
The survey found 31 percent of respondents reported that conditions had improved over the month, while 24 percent reported that conditions had worsened, the New York Fed said.
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It also found that new orders “inched up” and shipments “grew strongly,” it added.
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.
