12:09 PM EDT, 09/16/2024 (MT Newswires) -- New York manufacturing activity grew this month for the first time since November as orders and shipments grew substantially, the Federal Reserve Bank of New York said Monday.

The Empire State Manufacturing Survey's general business conditions index rebounded to 11.5 in September from minus 4.7 the previous month. The consensus was for a minus 4 print in a survey compiled by Bloomberg.

"New York State manufacturing activity in September grew for the first time in nearly a year, with shipments increasing strongly," New York Fed Economic Research Adviser Richard Deitz said. "Firms grew more optimistic that conditions would improve in the months ahead."

New orders returned to positive territory, climbing 17.3 points to 9.4, reflecting a multi-year high, according to the Fed branch. Shipments jumped to 17.9, their highest level in about a year and a half, from 0.3 in August. The component measuring number of employees improved one point to minus 5.7, as labor market conditions remained soft, the survey showed.

The raw material cost index dipped to 23.2 in September from 23.4 last month, while the selling prices measure cooled to 7.4 from 8.5, the survey showed.

Six months out, the index for general business conditions improved 7.7 points to 30.6 this month. The future new orders index rose 15.1 points to 39.9, while the shipments gauge advanced 14.3 points to 36.4, according to the survey. The outlook for employment growth dipped by 0.3 points.