Manufacturing in New York state rebounded this month to the highest level since 2014, another sign of strength for America’s factories.
The Federal Reserve Bank of New York says its Empire State manufacturing index climbed to 19.8 after falling to minus-1 in May. Readings above zero show that factories are expanding.
The new orders index rose to 18.1 after registering minus-4.4 in May. But hiring slowed: The employment index came in at 7.7, positive but down from 11.9 in May.
The Empire State index only measures sentiment in New York, but economists track it because it provides an early read on factory output nationwide. It has risen seven of the last eight months. A national manufacturing index from the Institute for Supply Management has registered nine straight months of growth.