The Federal Reserve Bank of New York’s general economic index climbed to 0.63 this month, drastically up from its reading last month of -22.2, indicating that manufacturing activity is actually growing in the state. The average forecast among economists was for a reading of -17.
The unexpected strength is thought to be a result of climbing exports, as the weak dollar makes American goods more competitive overseas. A measure of expectations for 6 months from now remained down, however, and most economists expect manufacturing to remain stagnant.
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