Difficulties continued for New York’s manufacturers in September, a monthly survey from the Federal Reserve Bank of New York found.
The New York Fed’s Empire State Manufacturing Survey, released today, showed that general business conditions crumbled in the last month. The index measuring them dropped nearly 4.6 points to -10.4.
It was the general business conditions index’s second consecutive month below zero. That means more surveyed manufacturers reported worsening circumstances than said the business climate was improving.
In September, 28.8 percent of manufacturers indicated business conditions eroded, while just 18.4 percent said conditions took a step in the right direction. The remaining 52.8 percent of respondents believed conditions stayed the same as last month.
Many manufacturers didn’t let today’s gloom hurt their optimism for tomorrow. The survey’s future general business conditions index, which measures expectations for a time six months from now, jumped more than 12 points to 27.2.
Over two-fifths of survey respondents, 41.4 percent, predicted better conditions in six months, and 44.4 percent expected conditions to remain the same. The final 14.2 percent of respondents anticipate general conditions declining.
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