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NY manufacturing activity shows unexpected strength in June

New York manufacturing activity strengthened in June, with its growth outpacing analysts' expectations.

The index for general business conditions rose 4.9 points to 25.0 in June from 20.1 in May, the Federal Reserve Bank of New York said in its latest Empire State Manufacturing Survey. Econoday had forecast a decline to 19.1 this month.

The new orders indicator increased to 21.3 in June from 16.0 in the previous month, while the shipments index improved to 23.5 from 19.1.

Business optimism among manufacturers increased as the index for future business conditions climbed to 38.9 from 31.1. Firms also reported plans to hire more workers in the coming months.

In contrast, the indexes of capital expenditures and technology spending weakened.