Investing.com - The Empire State manufacturing index unexpectedly rose in June, to a reading of 25.0 from 20.10 in June, the New York Fed reported on Friday.
The consensus forecast had been for a reading of 19.10.
Any reading above zero indicates improving conditions, below indicates worsening conditions.
Both the new orders index and the shipments index showed ongoing solid growth, with the former rising five points to 21.3 and the latter moving up four points to 23.5.
The NY Fed said that delivery times continued to lengthen while inventories edged higher.
“Labor market indicators pointed to a substantial increase in employment and longer workweeks,” the report indicated.
“The prices paid index remained close to last month’s multiyear high, indicating continued significant input price increases, and the prices received index remained elevated,” the regional Fed said.
Overall, the survey showed that firms were more optimistic about the six-month outlook than they were in May.