A gauge of manufacturing in New York state rose in June, advancing as a read on new orders climbed to its highest level in nearly four years, the New York Federal Reserve said in a report on Monday.
The New York Fed's "Empire State'' general business conditions index rose to 19.28 this month, the strongest read since June 2010, topping the May read of 19.01. Analysts polled by Reuters had forecast a reading of 15. Readings above zero indicate growth.
New orders rose from 10.44 to 18.36, its highest level in four years, while the shipment component dipped to 14.15 from 17.44. The inventories sub-index improved to 9.68 from 2.2. The index for the number of employees fell to 10.75 from 20.88, "suggesting that employment levels continued to climb, though at a more modest pace,'' the Federal Reserve Bank of New York wrote in a statement.
The average employee workweek index rose to 9.68 from 2.20 in May. The index of business conditions six months ahead dipped to 39.84 from 43.96 in May.
The survey of manufacturing plants in New York state is one of the earliest monthly guideposts to U.S. factory conditions.
--By Reuters