Business activity in the U.S. state of New York continued to grow strongly in June, according to a survey released Friday by the Federal Reserve Bank of New York.
The June Empire State Manufacturing Survey showed its headline general business conditions index climbed five points to 25, indicating a faster pace of growth than in May.
Thirty-eight percent of respondents reported that conditions had improved over the month, while 13 percent reported that conditions had worsened.
Meanwhile, both the new orders index and the shipments index showed ongoing solid growth, with the former rising five points to 21.3 and the latter moving up four points to 23.5.
The index for the number of employees climbed 10 points to 19.0, its highest level thus far in 2018, pointing to a pickup in employment levels.
After slipping in April, optimism about the six-month outlook increased for a second consecutive month. The index for future business conditions climbed eight points to 38.9.
The Empire State Manufacturing index closely watches manufacturing activity in New York State. The Federal Reserve Bank of New York conducts the survey monthly and participants represent a variety of industries.
