The Empire State Manufacturing Survey "indicates that conditions for New York manufacturers have improved," the Federal Reserve Bank of New York reported yesterday, as the general business conditions index reversed to positive 12.08 in August from negative 0.55 in July, the bank reported.
This was the first positive reading indicating improved conditions "in considerably more than a year," the Fed said.
Economists surveyed by Thomson Reuters had expected a positive 2.50 level.
The new-orders index grew to 13.43 from 5.89, while the shipments index gained to 14.11 from 10.97, and unfilled orders improved to negative 9.57 from negative 12.50, the Fed said.
Looking six months into the future, the general business conditions index jumped to 48.22 from 33.99 last month. The new-orders index surged to 45.98 from 30.68, while the shipments index rose to 40.51 from 36.88 and unfilled orders grew to 8.85 from 3.35, the Fed said. The capital expenditures expectations index jumped to 18.09 from 2.08. The technology spending index soared to 14.89 from 1.04.
