Manufacturing activity in New York state expanded for the ninth consecutive month in March, data from the Federal Reserve Bank of New York showed Monday.
The New York Fed’s Empire State Manufacturing Survey’s general business conditions index jumped to 17.4 in March from 12.1 in February, the highest level since last July. That exceeded economists’ expectations and beat the February score of 14.8.
The NY Fed’s monthly index scores the results of a survey of manufacturing executives in New York state. A positive index reading means activity is expanding, while a negative reading suggests contraction.
The new orders index was little changed at 9.1, indicating that orders increased, and the shipments index shot up 17 points to 21.1, its highest level since before the pandemic.
The employment component showed “modest” gains for payrolls, the New York Fed said.
In a sign that inflation may be picking up, the prices paid index rose to its highest level in a decade. The prices received was little changed from a month before but indicated prices are rising.
The outlook for the future remains optimistic.
“The index for future employment rose to its highest level in over ten years, suggesting that firms widely expect to increase employment in the months ahead,” the New York Fed said.
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