The Empire State Manufacturing Survey general business-conditions index climbed 27 points in February to -5.8.
The index had fallen 22 points to -32.9 in January, representing its lowest level since mid-2020 and the fifth worst reading in the survey’s history. The general business-conditions index is the monthly gauge on New York’s manufacturing sector.
The February reading — based on firms responding to the survey — indicates business activity “continued to decline” in New York, the Federal Reserve Bank of New York said in its Wednesday report.
A negative index number indicates a decline in the sector, while a positive reading shows expansion or growth in manufacturing activity.
The survey found 26 percent of respondents reported that conditions had improved over the month, while 32 percent said that conditions had worsened, the New York Fed said.
It also found that new orders “declined modestly” and shipments “held steady.”
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.