By Ovunc Kutlu
ISTANBUL (AA) - The New York Fed manufacturing index in November climbed to its highest level since April and came much higher than market estimates, according to a report released on Wednesday.
The Empire State Manufacturing Index, which measures the level of general business conditions in the state of New York, jumped a massive 13.7 points to 9.1 this month, according to the Federal Reserve Bank of New York.
The market expectation for the index was to come in at -2.8, while the index stood at -4.6 in October.
Readings above zero indicate improving conditions, while those below show worsening conditions.
"The inventories index rose eleven points to 9.1, indicating that inventories moved higher for the first time in several months," the New York Fed said in a statement.
"There was a steep drop in the outlook, with firms no longer expecting conditions to improve over the next six months," it added.