New York Fed Manufacturing Surges To Highest In Three Years But Profit Margins Crushed
The August Empire State Manufacturing Index printed at a blistering 25.2, reversing last month's plunge to 9.8, smashing expectations of a 10.0 print, and the highest print since September 2014.
The surge was driven by the new orders index which rose seven points to 20.6 and the shipments index, which hit 12.4. Meanwhile, delivery times continued to lengthen suggesting growing capacity problems in the supply chain, while inventory levels declined. More good news came from labor market indicators, which pointed to an increase in employment and hours worked.