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Wednesday, February 15, 2012

NY Fed Survey: Manufacturing activity expanded at a faster pace in February

by Calculated Risk on 2/15/2012 08:30:00 AM

From the NY Fed: Empire State Manufacturing Survey

The February Empire State Manufacturing Survey indicates that manufacturing activity in New York State expanded for a third consecutive month. The general business conditions index rose six points to 19.5, its highest level in more than a year. The new orders index, at 9.7, was positive but down slightly, and the shipments index was little changed at 22.8. ... Employment indexes, positive and little changed from last month, indicated a modest increase in employment levels and in the length of the average workweek. The index for number of employees was 11.8, and the average workweek index was 7.1. ... Indexes for the six-month outlook, while somewhat lower than last month, conveyed a widespread expectation that conditions would improve in the months ahead.
This was above the consensus forecast of a reading of 14.1 (above 0 is expansion) and the highest level since June 2010.