Empire State Manufacturing Index Unexpectedly Skyrockets

They say if you can make it here, you can make it anywhere.

And in September, they were making a lot more than expecting in New York.

In a surprising twist, New York’s manufacturing sector expanded this month. The New York Federal Reserve’s Empire State business conditions index shot up a whopping 16.2 points in September, landing at 11.5—the first positive reading since last November.

Economists had been bracing for an 11th month of contraction, with forecasts predicting a negative 3.9 reading.

Any number above zero means conditions are improving. The index has been below zero since November of last year.

New orders surged, with the index jumping 17.3 points to hit a multi-year high of 9.4. Shipments saw a boost too, leaping 17.6 points to 17.9, the highest in a year and a half. Unfilled orders increased, up 9.5 points to 2.1.
Despite all this, price pressures remain muted.