Huge boost (rare, even) in the Empire State Manufacturing Survey

Large moves in the Empire State report are rare making May's nearly 20-point surge to 19.01 a standout signal for spring momentum in the manufacturing sector. In another rarity, today's manufacturing report is led by employment, up nearly 13 points to 20.88 in a gain that points to business confidence in the outlook. And confidence in the outlook for general conditions is enormously strong, up nearly 6 points to 43.96.

Other details show less strength but are still very convincing, including a more than 13 point gain in new orders to 10.44. Shipments, at 17.44, are very strong and underscore the need for labor. The prior draw in unfilled orders is slowing and inventory change remains narrow. Price pressures are moderate and are moderating.

The manufacturing sector made its move to the front of the economy right when the worst of the winter's heavy winter had past. And today's report hints that a breakout may now be underway. Watch for the very closely watched Philly Fed manufacturing report later this morning for confirmation of May strength.