The Empire State Manufacturing Survey showed "business activity rebounded strongly in New York State," the Federal Reserve Bank of New York reported Thursday, as the general business conditions index surged to positive 19.8 in June from negative 1.0 in May.

Economists surveyed by Thomson Reuters had expected the index would be 3.75.

The new orders index rose to positive 18.1 from negative 4.4, while the shipments index grew to 22.3 from 10.6, and unfilled orders reversed to positive 4.6 from negative 3.7, the Fed said.

The delivery time index dropped to 5.4 from 6.7, while the inventories index rebounded to positive 7.7 from negative 0.7 in the prior survey. The prices paid index slid to 20.0 from 20.9, while the prices received index increased to 10.8 from 4.5. The number of employees index fell to 7.7 from 11.9, while the average employee workweek index climbed to 8.5 from 7.5, the Fed reported.

Looking six months into the future, the general business conditions index grew to 41.7 from 39.3 last month. The new orders index gained to 42.2 from 33.2, while the shipments index dipped to 35.0 from 37.8, and unfilled orders fell to negative 4.6 from positive 5.2, the Fed said. The delivery time index declined to negative 4.6 from positive 3.0, while the inventories index dropped to negative 3.1 from positive 14.2.

The prices paid index fell to 33.1 from 38.1, while the prices received index slipped to 13.8 from 22.4. The number of employees index slid to 12.3 from 17.2 while the average employee workweek index reversed to negative 5.4 from positive 5.2, the Fed reported. The capital expenditures index increased to 20.8 from 13.4. The technology spending index fell to 11.5 from 13.4.

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