New York Manufacturing Index Unexpectedly Jumps To Four-Year High In May
(RTTNews) - New York manufacturing activity grew strongly in the month of May, the Federal Reserve Bank of New York said in a report released on Friday.
The New York Fed said its general business conditions index shot up to 19.6 in May from 11.0 in April, with a positive reading indicating growth. The increase surprised economists, who had expected the index to pull back to 7.8.
With the unexpected surge, the general business conditions index jumped to its highest level since hitting 20.3 in April 2022.
The new orders index also reached its highest level in over four years, climbing to 22.7 in May from 19.3 in April.
The report also said the shipments index dipped to 18.9 in May from 20.2 in April but still pointed to another solid increase in shipments.
The number of employees index also slipped to 8.3 in May from 9.8 in April, although the positive reading still indicates an ongoing increase in employment levels.
On the inflation front, the New York Fed said both price indexes surged to their highest levels since 2022.
The prices paid index spiked to 62.6 in May from 51.0 in April, while the prices received index shot up to 31.8 in May from 21.8 April.
Looking ahead, the New York Fed said firms became more optimistic about the outlook, with the index for future business conditions soaring to 33.5 in May from 19.6 in April.
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