Tuesday, February 16, 2010

NY Manufacturers Say Conditions Improving

64% Expect To Hire in Coming Year!!

Economic conditions and optimism continue to improve for manufacturers in New York state, according to a new survey released Tuesday.

Business activity improved for a seventh consecutive month in February, according to the Empire State Manufacturing Survey. The monthly report is compiled by the Federal Reserve Bank of New York.

A survey index measuring current business conditions climbed nine points from January to February, to a value of 24.9. The growth means conditions improved, and at a faster clip than the month before; the bank called the result “a healthy pace.”

A reading of zero indicates no gain or decline in activity. The survey polls 200 manufacturing CEOs from across the state.

The future looks even brighter, according to the survey. Indexes measuring employment levels, the pace of new orders and capital expenditures six months from now all remained in positive territory.

An index measuring inventories rose sharply to a reading of zero, meaning there was no decline in inventories from January to February. The index suggests most manufacturers have finished shedding inventory and are now escalating production to meet new orders.
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