Investing.com - The Empire State manufacturing index unexpectedly rose in September, to a reading of 19.00 from 25.60 in August, the New York Fed reported on Monday.
The consensus forecast had been for a reading of 23.20.
Any reading above zero indicates improving conditions and below indicates worsening conditions.
The report indicated that business activity continued to grow at a “solid clip” in New York State, according to firms responding to the September survey.
New orders and shipments grew moderately, while delivery times continued to lengthen, and inventories moved higher.
Labor market indicators pointed to an increase in employment levels and longer workweeks.
Price indexes were little changed and remained elevated, suggesting ongoing significant increases in both input prices and selling prices.
“Looking ahead, firms remained fairly optimistic about the six-month outlook,” the report highlighted.