Empire manufacturing surges

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The New York Federal Reserve’s Empire State manufacturing index jumped to 9.0 for the month of December, higher than the 4.0 expected from economists.

The measure of manufacturing in the New York state area jumped from its previous reading of 1.5.

This is the highest level for the index since April of this year and the third-best reading in the past two years.

“The steady drumbeat of stronger than expected activity data continues,” wrote Neil Dutta, the head of US economics at Renaissance Macro, in an email following the survey release.

“In December, regional manufacturing PMIs surged. The New York Empire Manufacturing Index rose to +9.0 from +1.5 in November, well ahead of consensus estimates. New orders picked up to their best levelin two years.”