The report from the New York Federal Reserve showed on Thursday that manufacturing activity in the New York region grew at a record-setting pace in early July.

According to the survey, NY Fed Empire State manufacturing index jumped from 17.4 in June to 43.0 in July, pointing to a continuation of solid business activity growth in the region. This was the highest reading on record.

Economists had expected the index to come in at 18.0.

Anything below zero signals contraction.

According to the report, the new orders index surged 16.9 points to 33.2, and the shipments index climbed 29.6 points to 43.8, pointing to a rapid expansion in orders and shipments. Meanwhile, the delivery times index dropped 9.6 points to 20.2, indicating that significantly longer delivery times are an ongoing issue. Elsewhere, the employment index went up 8.3 points to 20.6, indicating an ongoing rise in employment. On the price front, both price indexes were at/near record highs, indicating that price gains remain significant: the prices paid index slipped 3.0 points to 76.8, while the prices received index advanced 6.1 points to 39.4, its new record.