New York manufacturing activity improves in September

By Tuba Ongun

The New York Fed manufacturing index unexpectedly improved in September, according to a report released on Friday.

The Empire State Manufacturing Index, which measures the level of general business conditions in the state of New York, jumped 21 points month-on-month to 1.9 in September, according to the Federal Reserve Bank of New York.

The market forecast for the index was to come in at -10, following a massive decline in August when it fell to -19 from 1.1 in July.

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

While new orders and shipments grew in the month, delivery times remained steady, and inventories continued to contract.

"Labor market indicators pointed to a slight decline in employment levels and the average workweek," the New York Fed said in a statement.