An indicator of manufacturing conditions in New York posted a negative reading for the third straight month, according to a survey released today by the Federal Reserve Bank of New York.
The general business conditions index in the Empire State Manufacturing Survey notched -6.2 in October. That’s a gain of 4.3 points from last month, but the index still shows “a continued deterioration in business conditions for New York manufacturers,” the New York Fed said in the survey, which it releases monthly.
The negative index indicates more manufacturers saw conditions declining than saw them improving. Just 24.6 percent of survey respondents said business conditions were better than last month, while 30.8 percent said they were worse. The remaining 44.6 percent said conditions were about the same as in September.
Manufacturers drew back on their hopes for the future as well. The future general business conditions index, which measures expectations for a time six months from now, dropped 7.8 points to 19.4.
Despite the dip, the positive reading means more manufacturers anticipate better conditions in six months than expect worse conditions. Just over 38 percent predicted improved conditions, compared to about 18.6 percent who believed conditions will worsen. The final 43.3 percent saw no changes on the horizon.
The New York Fed polls a set pool of about 200 manufacturing executives in the state for its monthly survey, and about 100 executives typically respond. The Fed seasonally adjusts data.
Contact Seltzer at rseltzer@cnybj.com