New York State Factories Expand At Fastest Pace In 2 Years

Manufacturing in New York state expanded at the fastest pace in more than two years as factories received more new orders and stepped up hiring.

A worker loads spools of thread at the Repreve Bottle Processing Center, part of the Unifi textile company in Yadkinville, N.C., Friday, Oct. 21, 2016. America has lost more than 7 million factory jobs since manufacturing employment peaked in 1979. Yet American factory production, minus raw materials and some other costs, more than doubled over the same span to $1.91 trillion last year, according to the Commerce Department, which uses 2009 dollars to adjust for inflation. That’s a notch below the record set on the eve of the Great Recession in 2007. And it makes U.S. manufacturers No. 2 in the world behind China.. (AP Photo/Chuck Burton)
A worker loads spools of thread at the Repreve Bottle Processing Center, part of the Unifi textile company in Yadkinville, N.C., Friday, Oct. 21, 2016. America has lost more than 7 million factory jobs since manufacturing employment peaked in 1979. Yet American factory production, minus raw materials and some other costs, more than doubled over the same span to $1.91 trillion last year, according to the Commerce Department, which uses 2009 dollars to adjust for inflation. That’s a notch below the record set on the eve of the Great Recession in 2007. And it makes U.S. manufacturers No. 2 in the world behind China.. (AP Photo/Chuck Burton)

WASHINGTON — Manufacturing in New York state expanded at the fastest pace in more than two years as factories received more new orders and stepped up hiring.

The Federal Reserve Bank of New York said Wednesday that its Empire State manufacturing index in February rose to 18.7 from 6.5, reaching the highest level since 2014. Any reading above zero indicates expansion.

The survey adds to recent evidence that the U.S. manufacturing sector is recovering after nearly two years of mostly flat output. Businesses are spending more on machinery and other big-ticket factory goods, and overseas economies have stabilized.

A measure of new orders jumped to 13.5 from 3.1 and a measure of unfilled orders rose for the first time since 2011. Both gauges point to much stronger demand for factory goods.

More in Home