NY Fed: Business activity rebounded strongly

"Business activity rebounded strongly in New York State, according to firms responding to the June 2017 Empire State Manufacturing Survey," said the Federal Reserve Bank of New York on Thursday.

Key quotes:

• The headline general business conditions index shot up twenty-one points to 19.8, its highest level in more than two years.
• The new orders index posted a similar increase, rising twenty-three points to 18.1, and the shipments index advanced to 22.3.
• The inventories index climbed to 7.7, indicating a rise in inventory levels, and labor market indicators pointed to a modest increase in employment and hours worked.
• The pace of input price increases was unchanged, while selling price increases picked up somewhat. Looking ahead, firms remained optimistic about the six-month outlook.