Federal Reserve Bank of New York’s manufacturing survey positive

Manufacturing News, Source : TheManufacturer.com
Published : 15 Oct 2003 15:03

Business conditions for manufacturers in New York state improved considerably in October, according to a survey by the Federal Reserve Bank of New York released today.

According to the Federal Reserve Bank of New York’s Empire State Manufacturing Survey, the index of general business conditions for manufacturers jumped to a record level of 33.7, up from 18.35 in September. It’s the highest level since the bank began issuing the reports in April 2002.

Participants from across New York state, in a variety of industries, respond to a questionnaire and report the change in a variety of indicators from the previous month. Respondents also state the likely direction of these same indicators six months ahead.

The new orders and shipments indexes rose to record levels, according to the survey. The new orders index climbed to 34.8, a roughly 20-point jump from September, and the shipments index climbed 8 points to 25.3.

The number of employees index rose to 10.8, its highest level in more than a year. The six-month business outlook also rose, to 66.72 from September’s 58.79, indicating increased optimism, according to the survey.

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