Manufacturing in New York Area Expands More Than Forecast
By Victoria Stilwell - Jul 15, 2013 8:50 AM ET .
Manufacturing (EMPRGBCI) in the New York region expanded in July at the fastest pace in five months as the area’s factory activity stabilized amid a slowdown in growth.
The Federal Reserve Bank of New York’s general economic index climbed to 9.5, the highest since February, from 7.8 last month. Readings greater than zero signal expansion in New York, northern New Jersey and southern Connecticut. The median projection in a Bloomberg survey of 50 economists called for a reading of 5.
Sustained demand from stronger housing and auto sales is underpinning improvement in manufacturing, which accounts for about 12 percent of the economy. Stronger household balance sheets and inventory building by companies may help factories offset weaker global markets such as China and Europe.
“What you have is an uncertainty on general economics being largely balanced off by strength in two very, very critical sectors: housing and vehicles,” Joel Naroff, president of Naroff Economic Advisors Inc. in Holland, Pennsylvania said before the report.
Estimates in the Bloomberg survey ranged from 0.0 to 10.
Retail sales rose less than projected in June as demand cooled at building materials outlets and restaurants, underscoring a second-quarter slowdown in the U.S. economy, another report showed today.
more:
http://www.bloomberg.com/news/2013-07-15/manufacturing-in-new-york-area-expands-more-than-forecast.html
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