The Empire State Manufacturing Survey, a regional gauge of factory activity by the Federal Reserve, easily beat the 15.5 median forecast rising to 20.1 in May.
The new orders index rose 7 points to 16.0 and the shipments index was essentially unchanged at 19.1, indicating that orders and shipments again grew strongly.
Unfilled orders increased, and inventories moved higher. The delivery time index was close to last month’s level at 13.7, a sign that delivery times continued to lengthen.
The index for number of employees edged up three points to 8.7 and the average workweek index fell to 11.1, indicating a modest increase in employment and hours worked.