“Business activity grew at a swift pace in New York State,” according to the NY Federal Reserve’s Empire State Manufacturing Survey for September. The index rose to 34.3, its second highest level in over 17 years, an increase of 16 points from the previous month. Shipments, New Orders and every constituent indicator also rose, except Prices Paid, which eased -0.4 points, but remains near all-time highs. This performance bodes well for the Fall, despite the Covid resurgence and on-going supply chain issues. See the full report here.