Empire State Manufacturing unexpectedly spiked

Manufacturing activity in New York unexpectedly surged.

The general business conditions index for June came in at 6.01 in June.

Economists were expecting the index to come in at -4.90.

The new orders index and the shipments index rose from negative values to 10.9 and 9.3, respectively. The report notes that this is a sign that orders and shipments were increasing after last month’s decline.

However, the inventories index dropped to -15.3 and the employment index came in at zero.

“Firms were more optimistic about the six-month outlook this month, and capital spending plans picked up,” the report added.

New York Fed