Manufacturing conditions in New York State improved for the second consecutive month in March, according to the Empire State Manufacturing Survey, a report of state manufacturing activity compiled by the Federal Reserve Bank of New York. The New York survey acts as an early indicator of national manufacturing conditions.
The general business conditions index was 9.24, less than a point down from the February reading of 10.04. Before that, New York State manufacturing activity had seen six straight months of decline with a reading below zero. The report came in at below expectations, as economists polled by Marketwatch.com had predicted the general business conditions index to remain at 10.
The new orders index, an indicator of demand, was also in positive territory at 8.18, but dropped around five points from the February reading of 3.31.