The New York Empire State Manufacturing index soared to 18.70 in February — the highest level in over two years.
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Empire manufacturing crushes expectations
The latest reading on Empire Fed manufacturing.
That was above economists' expectations of 7.00, and above the prior reading of 6.50.
"Business activity expanded at a solid clip in New York State," the report from the New York Fed noted.
The new orders index rose to 13.5, the shipments index rose to 18.2, and the unfilled orders index rose to above zero for the first time in over five years.
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Additionally, labor market conditions improved as both employment and hours worked increased.
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