A poll of New York-area manufacturers surged to its highest level in more than four years, according to data released Tuesday.
The Empire State manufacturing survey climbed to 25.6 in July, up from 19.3 in June, the highest level since April 2010, the New York Fed said.
Economists polled by MarketWatch had expected a 17.3 reading, in the gauge where readings above zero indicate improving conditions.
The shipments index improved to 23.6 from 14.2, and the new-orders index rose to 18.8 from 18.4. Also of note, the prices paid index rose to 25 from 17.2, while the prices received only rose to 6.8 from 4.3.
One downbeat part was that expectations for six months later fell noticeably, to 28.5 from 39.8 in June.
The Empire State is the first of the regional manufacturing surveys to be released; the Philadelphia Fed survey comes out Thursday.
Source:Marketwatch
