New York Manufacturing Expands More Than Forecast, Prices Rise
A gauge of New York state manufacturing soars as measures of orders and shipments rebound sharply.
(Bloomberg) -- A gauge of New York state manufacturing in September soared as measures of orders and shipments rebounded sharply, while a measure of selling prices advanced to an unprecedented level.
The Federal Reserve Bank of New York’s general business conditions index jumped to 34.3 from 18.3 a month earlier, a report showed Wednesday. Figures above zero indicate expansion, and the September print far exceeded the highest estimate in a Bloomberg survey of economists.
The median projection called for a reading of 17.9 and the data have been volatile in recent months.
The Fed bank’s gauge of prices received edged up 1.8 points to 47.8, a fresh record, while a measure of prices paid for materials eased to a still-elevated 75.7. A measure of delivery times advanced to a record.
An index of new orders rose in September to a 17-year high of 33.7, while the shipments gauge soared 22.5 points to 26.9.
The Fed’s indexes of current factory employment and the workweek also rose sharply.
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