by Calculated Risk on 1/17/2012 08:39:00 AM

From the NY Fed: Empire State Manufacturing Survey

The Empire State Manufacturing Survey indicates that manufacturing activity expanded in New York State in January. The general business conditions index climbed five points to 13.5. The new orders index rose eight points to 13.7 and the shipments index inched up to 21.7. ... Future indexes conveyed a high degree of optimism about the six-month outlook, with the future general business conditions index rising nine points to 54.9, its highest level since January 2011.

On employment:

Employment indexes were positive and higher, pointing to higher employment levels [12.1 up from 2.3] and a longer average workweek [6.6 up from -2.3]. ... On a series of supplementary survey questions, 51 percent of respondents indicated that they expect their workforces to increase over the next six to twelve months, while just 9 percent predicted declines in the total number of workers—results noticeably more positive than in the June 2011 survey.

This was slightly above the consensus forecast of a reading of 10.5 (above 0 is expansion). The future indexes and employment readings were especially encouraging.

Weekend:
• Summary for Week Ending January 13th
• Schedule for Week of Jan 15th