In Au­gust, NY Fac­tory Ac­tiv­ity In­creases to Near 3-Year High

The Jewish Voice - - NEW YORK - By Rachel Shapiro

This month fac­tory ac­tiv­ity in New York has climbed to high­est level in al­most three years. On Tues­day, Au­gust 15, the Fed­eral Re­serve Bank of New York an­nounced that its Em­pire State man­u­fac­tur­ing in­dex sky­rock­eted from 9.8 in July to 25.2 in Au­gust. The read­ing for this month was the high­est since Septem­ber 2014.

In Au­gust, hir­ing, ship­ments and new or­ders all picked up. Also, fac­to­ries be­lieve that over the next six months the im­prove­ments in con­di­tions will con­tinue.

WRAL.com re­ports, “The in­dex mea­sures sen­ti­ment among firms in New York States, but is closely fol­lowed by econ­o­mists be­cause it pro­vides an early read on fac­tory out­put na­tion­wide. Amer­i­can man­u­fac­tur­ers have re­cov­ered from a slump in late 2015 and early 2016 caused by cut­backs in the en­ergy in­dus­try and a strong dol­lar, which makes U.S. prod­ucts costlier in for­eign mar­kets. The Com­merce De­part­ment re­ported ear­lier this month that or­ders at U.S. fac­to­ries shot up in June on strong de­mand for civil­ian air­craft. The In­sti­tute for Sup­ply Man­age­ment re­ported that Amer­i­can fac­to­ries ex­panded in July for the 11th straight month.”

Since July 2016, 66,000 work­ers have been hired by fac­to­ries, which is the largest gain in 12-months for close to a year and a half.

The Domino Su­gar Re­fin­ery is a for­mer re­fin­ery in the neigh­bor­hood of Wil­liams­burg in Brook­lyn, New York City. (Photo Credit: Wikipedia)

The Em­pire State man­u­fac­tur­ing in­dex sky­rock­eted from 9.8 in July to 25.2 in Au­gust.

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