Investing.com - Business activity remained robust in New York State this month, according to a report released on Wednesday.
The Empire State manufacturing index rose to 25.6 from 22.6 in July, the New York Fed reported. The consensus forecast had been for a reading of 20.3.
Any reading above zero indicates improving conditions, and below indicates worsening conditions.
New orders and shipments grew strongly, and companies reported an increase in unfilled orders. The new orders index was little changed at 17.1, and the shipments index rose eleven points to 25.7—readings that reflected strong growth.
Delivery times continued to lengthen, and inventories held steady.
Labor market indicators pointed to solid gains in employment and longer work weeks. Price indexes were little changed and remained elevated, indicating ongoing significant price increases. The prices paid index inched up to 45.2, and the prices received index came in at 20.0.
The report also said that companies stepped up capital spending plans and were fairly optimistic about the six-month outlook, though less so than earlier this year. The index for future business conditions climbed four points to 34.8.