The report from the New York Federal Reserve showed on Wednesday that manufacturing activity in the New York region grew at a swift pace in early September.

According to the survey, NY Fed Empire State manufacturing index climbed from 18.3 in August to 34.3 in September, pointing to a strong growth of business activity in the region.

Economists had expected the index to come in at 18.0.

Anything below zero signals contraction.

According to the report, the new orders index jumped 18.9 points to 33.7, and the shipments index surged 22.5 points to 26.9, indicating solid growth in both orders and shipments. Meanwhile, the delivery times index increased 8.2 points to a record-high of 36.5, indicating significantly longer delivery times. Elsewhere, the employment index went up 7.7 points to 20.5, indicating a strong rise in employment. On the price front, both price indexes were at/near record highs: the prices paid index edged down 0.4 point to 75.7, while the prices received index rose 1.8 points to 47.8, registering its third consecutive record high.