Economics
New York Manufacturing Expands at Faster Pace Than Forecast
- Empire State factory gauge exceeds all economists’ forecasts
- Manufacturers’ optimism about future conditions also improve
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Manufacturing in New York state expanded in September at the second-fastest pace since 2018, dwarfing expectations on firmer shipments and orders, indicating factories are gaining momentum.
The Federal Reserve Bank of New York’s general business conditions index increased to 17 from a reading of 3.7 a month earlier, a report out Tuesday showed. In July, the measure reached the highest level since November 2018. The September gauge exceeded all estimates in a Bloomberg survey of economists and the 6.9 median projection.