New York Manufacturing Grows
♫ September 17th, 2011 9:57 am
The Federal Reserve Bank of New York’s general economic index climbed from 11.9 in January to 15.4 this month – beating the median forecast of economists that called for a rise to 15. The index covers New York, northern New Jersey and southern Connecticut, with a reading above zero indicating expansion.
Manufacturers stand to benefit from an uptick in investment from businesses and rising exports; the growth in consumer spending could also spur further activity in the sector, Bloomberg reports. Paul Ashworth, the chief U.S. economist at Capital Economics, said manufacturing continues to be a bright spot in the U.S. economy.
Nonetheless, factory executives in the New York Fed’s district were decidedly less optimistic about the future: The survey found that their outlook on what condition the economy will be in six months from now fell to 49.4 from 59.
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