NY Fed Empire State business conditions index surges to record 43.0 in July vs 17.4 in June

FILE PHOTO: People work on a Polaris snowmobile assembly line at their manufacturing and assembly plant in Roseau, Minnesota, U.S. June 7, 2021. REUTERS/Dan Koeck

(Reuters) – The New York Federal Reserve said on Thursday its barometer on manufacturing business activity in New York state grew at a record-setting pace in July.

The regional Fed’s “Empire State” index on current business conditions shot up by 26 points to 43.0, well above the reading of 18 forecast among analysts polled by Reuters.

A reading above zero signals the New York manufacturing sector is expanding.

New orders increased robustly, delivery times continued to lengthen substantially while inventories expanded.

New York’s manufacturing firms were optimistic, with the survey’s six-month outlook gauge registering at 39.5, though it did fall eight points from the previous month. The indexes for new orders and shipments fell to similar levels.

Reporting by Evan Sully, Editing by…

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