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Empire manufacturing topped expectations for the second consecutive month.
The New York Empire State Manufacturing index, a monthly survey of manufacturers in New York State prepared by the New York Fed, stood at 16.4 in March.
The current reading is a drop from the two-year high of 18.7 reached in February, but above economists’ expectation of 15.0.
New orders climbed to 21.3, “its highest in several years, pointing to a substantial increase in orders,” the New York Fed noted.
The shipments index dropped to 11.3 while the unfilled orders index rose to 14.2, the highest level in more than a decade.
Meanwhile, “employment indexes continued to march upward, pointing to continued improvement in labor market conditions,” it further said.
- New York Fed