The Empire State Manufacturing Survey showed manufacturing activity “expanded” in New York State, the Federal Reserve Bank of New York said Tuesday, as the general business conditions index rose to 17.09 in May from 6.56 in April.
Economists expected a 9.00 reading.
The new orders index grew to 8.32 from 6.48, the shipments index surged to 24.14 from 6.41, and unfilled orders improved to negative 4.82 from negative 7.23, the Fed said.