Empire State Manufacturing Survey Surges in June, Highest Since October 2017

A factory worker at a New York manufacturing plant. (Photo: Reuters)

The Empire State Manufacturing Survey surged in June to a reading of 25, easily beating the 19.1 consensus forecast and the highest level since October 2017. The index for future business conditions shot up 8 points to an elevated reading of 38.9.

Thirty-eight percent (38%) of respondents reported that conditions improved over the month, while 13% reported they had worsened. The new orders index and the shipments index showed continued strong and increased growth, with the former gaining 5 points to 21.3 and the latter 4 points to 23.5.