Manufacturing firms in New York reported that business activity expanded at the fastest pace since 2014, according to this month’s Federal Reserve Bank of New York’s Empire State Manufacturing Survey.
Thirty-three percent of respondents reported that conditions had improved over the month, while 14 percent reported that conditions had worsened.
The new orders index rose 10 points to 13.5, and the shipments index climbed 11 points to 18.2, pointing to an increase in both orders and shipments.
The unfilled orders index turned positive for the first time since 2011. The delivery time index rose to 7.1, and the inventories index, at 3.1, suggested that inventory levels were slightly higher.
The index for number of employees rose to 2.0, and the average workweek index rose to 4.1. After reaching a multiyear high last month, the prices paid index was little changed at 37.8, and the prices received index held steady at 19.4, a multiyear high.
The index for future business conditions dropped eight points, but at 41.7, remained high by historical standards, the survey reported.
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