Manufacturing Surges in New York; New Jobless Claims Up
The glory days of New York manufacturing may be over, but it's been coming back at a surprising rate. While manufacturing nationally was down a tenth of a point last month, the Federal Reserve Bank of New York's general economic index, which measures production in the state, has risen from 4.5 to 15.9. (In January of last year, that index was minus 22.2.) The December number was revised up from 2.55, and economists had expected a rise to only 11.28. New orders were up 18 points to 20.5.
This is the sixth straight monthly gain in the New York numbers. Employment still sucks, though; while the jobless numbers went down a little recently, at the end of December New York reported 22,810 new unemployment claims in a week, the largest number in the country. The amount of production seems to be increasing with fewer workers. New employment numbers are expected soon.