The New York Federal Reserve’s Empire State manufacturing survey report released on Friday indicates accelerating December-to-January growth in the New York region. The general business conditions index rose signficantly from 4.2 in December to 15.92. (any reading above zero indicates month-to-month growth; the larger the number, the faster the growth).
The new manufacturing orders index also shows accelerated improvement, jumping to 20.48 vs. December’s 2.77. Manufacturing shipments, which follow new orders, rose more than 12.5 points to 21.
Tim Ghriskey, CIO of Solaris Asset Managment observes, “These were significant increases across the board in the N.Y. region and expectations about economic activity remain very positive here in New York.”
You may remember that earlier last year Alcoa highlighted a great sucking sound lurking just below the N.Y. Empire Index.
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