Empire manufacturing just crushed it.
The New York Empire State Manufacturing index soared to 18.70 in February — the highest level in over two years.
That was above economists’ expectations of 7.00, and above the prior reading of 6.50.
“Business activity expanded at a solid clip in New York State,” the report from the New York Fed noted. “Indexes for the six month outlook suggested that respondents remained highly optimistic about future conditions.”
The new orders index rose to 13.5, the shipments index rose to 18.2, and the unfilled orders index rose to above zero for the first time in over five years.
Additionally, labour market conditions improved as both employment and hours worked increased.