The Empire State index of manufacturing conditions in the New York area jumped to its highest level in more than two years in February, the New York Fed said Wednesday.
The index rose to 18.7 in February from 6.5 in January. Thatâ€™s well above economists forecasts of a reading of 7.5 according to Econoday.
Any reading above zero indicates improving conditions.
The internals of the report were also strong. The new orders index climbed to 13.5 in February from 3.1 in the prior month. Shipments rose to 18.2 from 7.3 in January. The unfilled orders index rose above zero for the first time in more than five years.