Empire State Manufacturing Survey: It's Beginning To Look A Lot Like The 2002 Recovery
NEW YORK FED -- In September, the Empire State general business conditions index posted its third consecutive monthly increase and its second consecutive positive reading (see chart above). Rising 7 points to 18.9, the index was at its highest level since November 2007, with nearly 40% of respondents reporting that conditions had improved in September and 20% reporting that conditions had worsened. Future indexes were generally positive and near last month’s levels. The future general business conditions index rose 4 points, to 52.3, a level last reached in October 2004.
MP: Both Empire indexes (general and future conditions) are pointing to an economy in recovery and both look a lot like the conditions in early 2002, in the post-2001 recession period.