Key Manufacturing Index Soars in February

The Empire State Manufacturing Index unexpectedly soared nine points to 24.9 in February, its highest level since October, the New York Federal Reserve announced Tuesday.

Readings above zero indicate manufacturing activity is growing; below zero, contracting. A Bloomberg News economists survey had expected the Empire State Manufacturing Index to rise to 18.0 in February from 15.92 in January. The Index was at 4.50 in December, and below zero in the summer 2009.