NY Fed Empire State Manufacturing Index measures business conditions in the state of New York. This monthly indicator is calculated based on a survey of 200 manufacturers from the sate of New York. A level above 0 indicates an improvement in conditions, below 0 means worsening.
Participants respond to a questionnaire and report the change in a variety of indicators from the previous month (including employment, production level, new and current orders, prices, relations with suppliers, etc.). Respondents also make a forecast on these indicators for the next 6 months.
Analytics see NY Empire State Manufacturing Index as a measure of production activity that can be extrapolated throughout the country. Its growth may affect dollar quotes positively.