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NY Fed: Empire State Manufacturing Activity indicates faster expansion in January

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From the NY Fed: Empire State Manufacturing Survey

The January 2014 Empire State Manufacturing Survey indicates that business activity expanded for New York manufacturers, and did so at a faster pace than in recent months. The general business conditions index rose ten points to 12.5, its highest level in more than a year. The new orders index climbed thirteen points to 11.0, a two-year high, and the shipments index rose to 15.5. …

Employment indexes suggested an improvement in labor market conditions. The index for number of employees rose twelve points to 12.2, indicating a modest increase in employment levels, and the average workweek index rose to 1.2—a sign that hours worked held steady.
emphasis added

This is the first of the regional surveys for January.  The general business conditions index was above the consensus forecast of a reading of 3.3, and indicates faster expansion.  The internals were solid too, with new orders at a two year high, and the employment index increasing.
Calculated Risk

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