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Financial News: Growth In New York Manufacturing Activity Unexpectedly Acc

Growth In New York Manufacturing Activity Unexpectedly Accelerates In June

06/15/2018 - 09:09:00 (RTTNews)

(RTTNews) - Growth in New York manufacturing activity unexpectedly accelerated in the month of June, according to a report released by the Federal Reserve Bank of New York on Friday.

The New York Fed said its general business conditions index climbed to 25.0 in June from 20.1 in May, with a positive reading indicating growth in regional manufacturing activity. Economists had expected the index to edge down to 19.0.

The unexpected increase by the headline index was partly due to a notable acceleration in the pace of job growth, as the number of employees index surged up to 19.0 in June from 8.7 in May.

The new orders index also advanced to 21.3 in June from 16.0 in May, while the shipments index rose to 23.5 from 19.1 in the previous month.

On the inflation front, the prices received index inched up to 23.3 in June from 23.0 in May, but the prices paid index fell to 52.7 from 54.0.

The New York Fed said the forward-looking indicators showed firms are more optimistic about the six-month outlook than they were last month.

The index for future business conditions jumped to 38.9 in June after rising to 31.1 in May, continuing to rebound from the slump seen in April.

Next Thursday, the Philadelphia Federal Reserve is scheduled to release its report on regional manufacturing activity in the month of June.

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