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Tuesday, February 16, 2010

Empire Manufacturing Jumps in February

The Street with the details:

A reading on factory activity in the New York area remained positive for a seventh month in a row and strengthened more than expected this month, suggesting manufacturing is continuing its recovery since last year. The general business conditions index jumped 9 points to register 24.9 in February, according to the Empire State Manufacturing Survey released early Tuesday from the New York Federal Reserve Bank. Consensus forecasts provided by showed analysts expected the index to show a lighter expansion at 18. It's the index's best showing since last October, when the gauge reached 33.4 and remains far ahead of last February's -31.6 slump.

Source: NY Fed