Empire State factory index throttles to highest in nearly three years

• August 15, 2017
• realestate
• Announcements, Business & Markets, Real Estate Finance, World News

The New York Fed’s Empire State manufacturing index surged 15 points to 25.2, its highest in nearly three years. Economists had forecast an unchanged reading, to 9.8, on a scale in which any reading over zero indicates improvement in business conditions.

The index’s sub-gauges were also strong. The shipments gauge rose 1.9 points to 12.4, and two employment readings – number of employees and average workweek – were also much higher. The new orders gauge rose 7.3 points to 20.6, signalling stronger business conditions in the future.

Firms also turned more optimistic. The gauge of views on future business conditions spiked ten points.