According to the report from the Federal Reserve Bank of New York, business activity grew at a solid clip in New York State. The headline general business conditions index climbed five points to 17.4, its highest level since last summer. Thirty-four percent of respondents reported that conditions had improved over the month, while 17 percent reported that conditions had worsened.

New orders increased modestly, and shipments were up substantially. Delivery times continued to lengthen, and inventories were somewhat higher. Employment levels and the average workweek both increased modestly. Input price increases continued to pick up, rising at the fastest pace in nearly a decade, and selling prices increased significantly.

The index for future business conditions was little changed at 36.4, suggesting that firms remained optimistic about future conditions. The index for future shipments bounced up to 46.5. The index for future inventories rose to a multi-year high, and both the future prices paid and prices received indexes continued to march upward.