The index measuring manufacturing levels in New York soared to the highest on record, echoing a strong acceleration in orders and shipments, while the gauge of selling prices also surged to historic highs.
The Federal Reserve Bank of New York’s general business conditions index surged from 17.4 to a whooping 43 in July. A reading above zero indicates an economic expansion, as the latest print significantly outpaced even the highest estimates put out by economists polled by Bloomberg. The average projection forecast a reading of 18. Similarly, the survey’s index of new orders jumped to 33.2, while the measure of shipments surged to 43.8— the highest for both gauges since 2004.
The NY Fed’s survey also determined that the price gauge rose 6.1 points to 39.4, while the index of prices paid for materials modestly climbed to an elevated high of 76.8. The index of current factory employment rose to the highest since 2018, while the gauge of future hiring also skyrocketed to a record-high.
Information for this briefing was found via the NY Fed. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.