The Empire State Manufacturing Survey general business-conditions index rose 7points in April, but remained underwater at -14.3, pointing to continued contraction in the state’s manufacturing industry.
The general business-conditions index is the monthly gauge on New York’s manufacturing sector. Based on firms responding to the survey, the April readingindicates business activity “continued to decline” in New York state, the Federal Reserve Bank of New York said in its Monday report.
A negative index reading indicates a decline in the state’s manufacturing sector, while a positive number shows expansion or growth in manufacturing activity.
The Empire State Survey found “new orders and shipments both declined significantly, and unfilled orders continued to shrink,” the New York Fed said. It also found the six-month outlook improved, though optimism “remained subdued.”
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.