Washington (awp / dpa) – Manufacturing activity in the New York area jumped 13 points in September, a sign of a clear improvement in the economy in the economic capital of the country, according to the Empire State monthly indicator released by the Fed on Tuesday.
The index rose to 17 points against 5.9 points expected by analysts, signing its third rise in a row, detailed the New York branch of the US Central Bank.
Based on a survey of industrialists in the region carried out between September 2 and 9, it appears that 40% of them saw their conditions improve at the beginning of the month against 23% who noted a deterioration, a specified the institution in a press release.
In detail, the component of the index measuring new orders climbed 9 points to 7.1, indicating an increase considered “modest” in orders.
But delivery times have increased, stocks have been reduced, as has the order book, a sign of increased activity intensity.
Looking ahead, companies remained optimistic, believing the economy will improve over the next six months, the Fed added.
The index had fallen to historic lows in April and May due to the city’s total paralysis to stem the Covid-19 pandemic which has severely affected the population of New York.
Then, it had climbed in June – while remaining in the red – thanks to the partial reopening of the economy. The recovery then began in July.
afp / rp