New York manufacturing activity rebounds strongly in June

By Ovunc Kutlu

ISTANBUL (AA) - The New York Fed manufacturing index rose sharply in June, rebounding strongly from the previous month, according to a report released Thursday.

The Empire State Manufacturing Index, which measures the level of general business conditions in the state of New York, jumped a massive 38 points to 6.6 in June, according to the Federal Reserve Bank of New York.

The market expectation for the index was to come in at -18, while the index stood at -31.8 in May

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

"New orders inched up, while shipments grew strongly," the New York Fed said in a statement, but added that planned increases in capital spending remain weak.

"Looking ahead, firms became more optimistic about the six-month outlook," it added.