The general business conditions index from the New York Fed’s Empire State Manufacturing Survey was a reading of +6.29 in September. This is down from August’s figure of +8.24 but is still a greater than zero reading indicating economic expansion in the manufacturing sector, albeit at a slower pace. This is the fourth consecutive month that the index has been in expansion.
September’s index was composed of 26.68% of businesses surveyed responding that business conditions had improved during the month, while 20.39% reported that conditions had worsened.
The New York Fed was the first of the Federal Reserve banks to release its manufacturing survey for August. Currently, all 5 leading manufacturing surveys conducted by Federal Reserve banks indicate economic expansion in the manufacturing sector.
