The Empire State Manufacturing Survey general business conditions index is back in negative territory, after falling 15 points to -12.6 in January.
It’s the second straight monthly decline after the index had plummeted 31 points to 0.2 in December, after hitting its highest reading in nearly three years in November. The general business conditions index is the monthly gauge of New York’s manufacturing sector.
Based on manufacturing firms responding to the survey, the January reading indicates business activity “declined” in New York state, the Federal Reserve Bank of New York said in its survey report issued on Wednesday.
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A negative index number indicates a decline in the manufacturing sector, while a positive reading points to expansion or growth in manufacturing activity.
The Empire State Survey found the index for new orders “fell modestly,” and the shipments index also turned negative.
At the same time, manufacturing firms grew more optimistic that conditions would improve in the months ahead, the New York Fed said.
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.
