The Empire State Manufacturing Survey showed "business activity grew strongly in New York State," the Federal Reserve Bank of New York reported Tuesday, as the general business conditions index soared to 25.2 in August from 9.8 in July.
Economists surveyed by Thomson Reuters had expected the index would be 11.
The new orders index rose to 20.6 from 13.3, while the shipments index gained to 12.4 from 10.5, and unfilled orders remained at negative 4.7, the Fed said.
The delivery time index climbed to 5.4 from 4.7, while the inventories index declined to negative 3.1 from positive 2.4 in the prior survey. The prices paid index surged to 31.0 from 21.3, while the prices received index decreased to 6.2 from 11.0. The number of employees index rose to 6.2 from 3.9, while the average employee workweek index increased to 10.9 from zero, the Fed reported.
Looking six months into the future, the general business conditions index climbed to 45.2 from 34.9 last month. The new orders index increased to 41.3 from 33.4, while the shipments index rose to 42.7 from 33.9, and unfilled orders reversed to positive 4.7 from negative 4.7, the Fed said. The delivery time index narrowed to negative 3.1 from negative 8.7, while the inventories index slipped to 0.8 from 2.4.
The prices paid index grew to 33.3 from 30.7, while the prices received index rose to 21.7 from 15.7. The number of employees index slid to 9.3 from 11.8 while the average employee workweek index narrowed to negative 3.1 from negative 4.7, the Fed reported. The capital expenditures index decreased to 11.6 from 15.0. The technology spending index fell to 9.3 from 11.8.
