The Empire State Manufacturing Survey general business conditions index climbed 43 points to 31.2 in November, representing its highest reading in nearly three years. The index had dropped 23 points to -11.9 in October after rising 16 points to 11.5 in September (activity expanding for the first time since November 2023.) The general business conditions […]
The Empire State Manufacturing Survey general business conditions index climbed 43 points to 31.2 in November, representing its highest reading in nearly three years.
The index had dropped 23 points to -11.9 in October after rising 16 points to 11.5 in September (activity expanding for the first time since November 2023.) The general business conditions index is the monthly gauge on New York’s manufacturing sector.
Based on firms responding to the survey, the November reading indicates business activity “grew strongly” in New York State, the Federal Reserve Bank of New York said in its Friday 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 new orders and shipments “rose substantially,” the New York Fed said.
It also found firms remained optimistic about the six-month outlook.
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.
