The Philadelphia Fed said its manufacturing index soared in February to a 33-year high, in another indication of improving business sentiment in the wake of a Republican election sweep.

The Philadelphia Fed index surged to a reading of 43.3 from 23.6 in January. That’s the highest level since early 1984, on a scale where any reading above zero indicates improving conditions. That is well above the MarketWatch economic consensus was for a reading of 20.

It was also the biggest one-month gain in the index since June 2009.

Manufacturing activity in the Philadelphia region has been improving since the middle of last year.

“It is an exaggeration to suggest that we are on the cusp of Morning in America, but factory managers are clearly feeling very good about their prospects in the wake of the election,” said Stephen Stanley, chief economist at Amherst Pierpont Securities.

“Morning in America” was the famous commercial run by President Ronald Reagan during his re-election campaign that discussed the U.S. economic revival. Business sentiment indicators have surged since President Donald Trump’s election victory.

Others were more cautious.

Jim O’Sullivan, chief U.S. economist, said factory owners’ hopes may have been raised a bit too much and “reality could prove disappointing.”

Blerina Uruci, economist at Barclays, noted that industrial production and manufacturing data for January was soft “and have yet to show the business optimism translating into output growth for the sector.”

Mike Trebing, senior economic analyst at the Philadelphia Fed, said the rise in the index suggests growth has been broadening in the region.

Details of the data were not as strong as the headline but did improve. The new-orders index rose 12 points to 38, and the shipments index rose 8.1 points to 28.6.

Employment moderated but stayed in positive territory for the third straight month.

Price pressures remained moderate.

The market did not react much to the data. S&P 500 futures US:ESH7 traded lower by 3.6 points or 0.2%.

A similar report, the New York Fed’s Empire State index, jumped to a two-year high of 18.7 in February from 6.5 in the prior month.

Economists use the Philadelphia and New York data to get a gauge of the national Institute for Supply Management manufacturing index. That index climbed to 56% in January, its highest level in more than two years.

Ian Shepherdson, chief economist at Pantheon Macroeconomics, said the industrial sector is strengthening as the hit from plunging oil investment fades.