New York Manufacturing Index Jumps Much More Than Expected In September

(RTTNews) - Business activity in the New York manufacturing sector has expanded at a robust pace in the month of September, according to a report released by the Federal Reserve Bank of New York on Monday, with the index of activity in the sector jumping to its highest level in almost five years.

The New York Fed said its headline general business conditions index surged up to 27.5 in September from 14.7 in August, with a positive reading indicating an increase in activity in the New York manufacturing sector. Economists had expected the index to edge up to 16.0.

With the much bigger than expected increase, the general business conditions index reached its highest level since hitting 32.6 in October of 2009.