New York Factory Conditions Best in 9 Months: Survey

A gauge of manufacturing in New York State showed growth picked up in January, rising to the highest level in nine months as new orders and employment improved, the New York Federal Reserve said in a report on Tuesday.

AP

The New York Fed's "Empire State" general business conditions index rose to 13.48 from a revised 8.19 in December, topping economists' expectations of 11.0. It was the highest level since April 2011.

New orders climbed to 13.70 from a revised 5.99, while inventories also gained to 6.59 from minus 3.49.

The survey of manufacturing plants in the state is one of the earliest monthly guideposts to U.S. factory conditions.

Employment gauges showed strength. The index for the number of employees rose to 12.09 from 2.33 and the average employee workweek index climbed to 6.59 from minus 2.33.

Manufacturers were also more optimistic about their outlook with the index of business conditions six months ahead rising to its highest level since last January at 54.87 from 45.61.