New York manufacturing activity grew strongly in the month of May, the Federal Reserve Bank of New York said in a report released on Friday.
The New York Fed said its general business conditions index jumped to 19.6 in May from 11.0 in April, with a positive reading indicating growth. The increase surprised economists, who had expected the index to pull back to 7.8.
Looking ahead, the New York Fed said firms became more optimistic about the outlook, with the index for future business conditions surging to 33.5 in May from 19.6 in April.
At 9:15 am ET, the Federal Reserve is scheduled to release its report on industrial production in the month of April. Industrial production is expected to rise by 0.3 percent in April after falling by 0.5 percent in March.