NYS MANUFACTURING RALLIES

The NY Federal Reserve’s Empire State Manufacturing Survey returned to positive territory this month after posting its largest-ever drop last month and falling into negative territory for the first time in over two years. The general business conditions index increased 12.9 points, recovering almost half of its losses from last month. Although, the index reading of 4.3 points is positive, it suggests anemic growth (a reading above 0 indicates expansion). Open Orders remained in negative territory at -1.5 indicating contraction, despite improving 10.5 points from -12.0 last month.  Unfilled Orders, Inventories and Employment all remain in negative territory. The future business conditions index also increased, climbing 5.1 points to 30.8 indicating NYS manufacturers’ optimism about the next six months. See the full report here.

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