Economy
June 16, 2014
Empire State Index Has Unexpected Gain
Written by Sandy Williams
An increase in manufacturing activity in New York took analysts by surprise in June. The Federal Reserve Bank of New York reported the general business index in the Empire State Manufacturing Survey posted a reading of 19.28, up from 19.01 in May. Economists were expecting the index to decline to 15.0 in June.
The new orders index rose eight points to 18.4, reaching its highest level in four years. Shipments continued to expand in June, slowing by three points to 14.2 for the month. Unfilled orders were at a stable level while delivery times increased two points on the index to 1.1.
