The Empire State Manufacturing Survey, conducted by the New York Federal Reserve, rose to a record 43 for July, representing the percentage difference between firms seeing expansion against those contracting.
New orders and shipments surged, while the employment index increased 8.3 points to 20.6 as 29.5% of companies indicated they would be adding workers. A forward-looking index on conditions over the next six months also showed a hiring increase, with a reading of 43.9, up 2.2 points from June.
The news comes a day after the Fed’s “Beige Book” release on economic conditions across the country. That report showed “moderate to robust growth” nationally, while the New York region reported an economy growing “at a strong pace” as business contacts were “increasingly optimistic about the near-term outlook.”
While New York reported a burst in growth, the Philadelphia region said Thursday that progress was slowing.
That area’s manufacturing reading slipped to 21.9 in July from 30.7 the previous month, though the headline number still indicated expansion.
Both reports also indicated some deceleration in the rate of price increases amid otherwise high inflation readings.
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