New York State Manufacturing Expands in January; The Six-Month Outlook is Highly Optimistic
According to the NY Fed, "The new orders index rose eight points to 13.7 and the shipments index inched up to 21.7. The prices paid index was positive and slightly higher than it was last month while the prices received index jumped twenty points to 23.1, indicating a significant pickup in selling prices. Employment indexes were positive and higher, pointing to higher employment levels and a longer average workweek."
The future indexes conveyed a high degree of optimism about the six-month outlook, with the future general business conditions index rising 9.26 points to 54.9, its highest level since January 2011 (see blue line in chart). That follows gains of 18.1 points in November and 13.5 points in December, and that 41 point gain in the future index over the last three months is the largest three-month gain in more than ten years.