The Empire State Manufacturing Survey general business-conditions index rose 17 points to 0.6 in March, its first positive reading since July of last year.
That beat economists’ average estimate of a reading of -10.5, according to Bloomberg. And, a MarketWatch.com poll of economists had forecast a -10 index number.
The results of the March Empire State survey indicate that business activity “steadied” for New York manufacturers in March, the Federal Reserve Bank of New York said in its news release issued Tuesday.
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A positive reading on the index indicates expansion or growth in the sector, while a negative reading points to a decline in manufacturing activity.
The survey found 25 percent of respondents reported that conditions had improved over the month, while roughly the same percentage said that conditions had worsened.
The new orders and shipments indexes rose “well above” zero for the first time in several months, pointing to an increase in both orders and shipments, according to the New York Fed.
Price indexes suggested a slight increase in input prices and a small decline in selling prices.
Labor-market conditions were “little changed,” with employment and the average workweek holding “fairly steady.”
The six-month outlook improved, with the index for future new orders rising to its highest level in more than a year.
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
