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- Growth of manufacturing activity in the New York region unexpectedly accelerates in September
Growth of manufacturing activity in the New York region unexpectedly accelerates in September
The
report from the New York Federal Reserve showed on Wednesday that manufacturing
activity in the New York region grew at a swift pace in early September.
According to the survey, NY Fed Empire State manufacturing index climbed from 18.3 in August to 34.3 in September, pointing to a strong growth of business activity in the region.
Economists
had expected the index to come in at 18.0.
Anything
below zero signals contraction.
According
to the report, the new orders index jumped 18.9 points to 33.7, and the
shipments index surged 22.5 points to 26.9, indicating solid growth in both
orders and shipments. Meanwhile, the delivery times index increased 8.2 points
to a record-high of 36.5, indicating significantly longer delivery times.
Elsewhere, the employment index went up 7.7 points to 20.5, indicating a strong
rise in employment. On the price front, both price indexes were at/near record
highs: the prices paid index edged down 0.4 point to 75.7, while the prices
received index rose 1.8 points to 47.8, registering its third consecutive
record high.
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