New York Manufacturing Index Jumps To Nine-Month High [View all]
(RTTNews) - New York manufacturing activity has continued to expand in the month of January, according to a report released by the Federal Reserve Bank of New York on Tuesday, with the index of regional manufacturing activity rising by more than expected.
The New York Fed said its general business conditions index climbed to 13.5 in January from a revised 8.2 in December, with a positive reading indicating growth in manufacturing activity. Economists had expected the index to edge up to 10.5 from the 9.5 originally reported for the previous month.
With the bigger than expected increase, the general business conditions index rose to its highest level since coming in at 17.9 in April.
Paul Dales, Senior U.S. Economist at Capital Economics, said the continued increase by the index provides a "bit of a relief after the soft retail sales and trade reports released last week."