A survey, sent out to companies in the manufacturing industry in New York state, that provides an early indication of business conditions, such as price levels and employment trends. The survey gives an indication of changes in sentiment and may give an indication of what the ISM Manufacturing Index will show. The surveyÂ’s most watched statistic is the general business conditions index: If the index is above zero it indicates that business sentiment is improving. The index also has sub-indices, such as shipments, new orders, employment, and prices paid. The survey is produced by the Federal Reserve Bank of New York and is released around the middle of the month.