New York manufacturing activity rises for 1st time since November

ISTANBUL

Manufacturing activity in New York state rose in September for the first time since last November, according to a report released Monday

The Empire State Manufacturing Index, which measures the level of general business conditions in the state, including the Big Apple, jumped 16 points to 11.5, according to the Federal Reserve Bank of New York.

Readings above zero indicate improving conditions, while those below show worsening conditions.

The market expectation for the index was to come in at -4.1 after a reading of -4.7 in August.

The index in January plummeted 29 points to -43.7, its lowest level since May 2020.

"Firms grew more optimistic that conditions would improve in the months ahead," the New York Fed said in a statement.