September 15, 2009

New York business index improves

The New York Federal Reserve said manufacturing conditions reflected in a monthly survey stayed positive for the second consecutive month.

The general business conditions index for the Empire State turned positive in August for the first time in more than a year. In September, the index gained another 7 points to 18.9, the highest level since late 2007, the New York Fed said.

The composite index in the survey of 175 New York businesses reached 12.1, in August.

In September the new orders index rose 6 percentage points to 19.8, the highest level in that index since November 2007. The shipments index slid 9 points to 5.3.

The employment index measuring the number of employees remained in negative territory, at minus 8.3, essentially unchanged from a month ago. but the index measuring work hours increased sharply, up 12 points to 6.

The future business index, reflecting sentiment on future business conditions, rose 4 points to 52.3, the highest level since 2004, the report said.