The Federal Reserve’s Empire State Manufacturing Survey’s General Business Conditions Index climbed over 15 points to 25.2 in August indicating strong manufacturing activity across New York State (a reading above zero indicates growth). Six of the nine current indicators rose, while only two—Inventories and Prices Received—dropped from their July levels. The Forward-Looking Indicators also improved sending that index to 45.2, up over 10 points from last month. New York appears to be outpacing the latest national manufacturing data as represented by the Institute of Supply Management’s July PMI Index which registered 56.3 to weeks ago.
