The Empire State Manufacturing Survey general business-conditions index fell seven points in April to 15.8, which “pointed to a somewhat slower pace of growth.”
The index had risen 9 points in March after falling 5 points in February.
The responses in the April survey indicated that business activity “grew at a solid clip” in New York, the Federal Reserve Bank of New York said in its report issued Monday.
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A positive reading indicates expansion or growth in manufacturing activity, while a negative index number points to a decline in the sector.
The survey found 38 percent of manufacturing respondents reported that conditions had improved over the month, while 22 percent said that conditions had worsened.
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.
Contact Reinhardt at ereinhardt@cnybj.com
Visual credit: Federal Reserve Bank of New York website
