New York Manufacturing Index Shoots Up
By Mathew Katz
More good news: manufacturing is up in the New York region for the first time in over a year, according to the Federal Reserve Bank of New York. The bank just released its monthly Empire State Manufacturing Survey for August, and the general business conditions index is up 13 points to 12.1, its highest level since November 2007. Any number higher than zero indicates growth in the manufacturing industry.
The New York numbers come after last week’s announcement by the Federal Reserve that overall industrial production across the country is up by 0.5 percent. Today’s report also has some interesting details for the unemployed: while increased demand for cars and auto parts fueled part of the index’s rise, manufacturers are finally re-starting assembly lines after months of slashing their inventories. With signs pointing toward an end to the recession, companies are trying to re-stock their shelves, hoping that demand will follow.
