New York Manufacturing gets a Growth Spurt
For the first time in seven months the manufacturing industry in New York showed growth, according to the New York Federal Reserve. The Reserve’s Empire State manufacturing index had risen to 0.6 from -16.6 last month, making it the first positive reading since July. Any reading above zero indicates growth. In more good news, the Reserve also reported data findings showing that new orders surged to 9.6 from minus 11.6, and shipments increased to 13.9 from minus 11.6. Overall the results suggest that New York manufacturing is finally showing definite signs of life after months of weak overseas growth and a strong dollar, which has been cutting into exports and reducing overseas profits. Manufacturers themselves are certainly feeling optimistic, the report also found that they expect business conditions to improve over the next six months.
