Reuters
Instant view: NY Fed manufacturing growth highest in 1-1/2 years
NEW YORK (Reuters) – A gauge of manufacturing in New York State picked up in February to its highest level in more than 1-1/2 years, though the pace of new orders slowed, the New York Federal Reserve said in a report on Wednesday.
COMMENTS:
ADAM SARHAN, CHIEF EXECUTIVE OF SARHAN CAPITAL IN NEW YORK
“On a short-term basis the New York Fed number is another positive catalyst, another good feather in our hat. If we’re able to break above 1,356, the highs of last summer, where we’ve come into some resistance, we should be able to get a good leg higher on the S&P. We have had a nice rally though.”
OMER ESINER, CHIEF MARKET ANALYST, COMMONWEALTH FOREIGN EXCHANGE, WASHINGTON
“It’s better-than-expected and consistent with the idea that the U.S. economy is picking up steam as the year gets started. The question is whether or not the data will have an impact on the market or take a back seat to developments in Europe. For now the focus is on Europe. Ultimately, there will come a time when we’ll look a bit more closely at the divergent outlook among the U.S. and the other G10 countries, and that will support the dollar. But right now, the focus is still on the fluid situation in Europe.”
VIMOMBI NSHOM, ECONOMIST, IFR ECONOMICS, A UNIT OF THOMSON REUTERS
“The NY Fed’s February issuance of the Empire State Manufacturing Survey shows that business conditions for the manufacturing district continued to improve from last month, as the general index rose six points to reach 19.5, which not only surpasses market expectations, but the reading is also the index’s highest level in over a year (June 2010). Activity has been recorded as having expanded with increasing momentum for the third month. Most of the conditions that had posted large gains in January — like prices received, new orders, and employment — were still positive, but to a smaller degree given the extent of last month’s movement.”
(Americas Economics and Markets Desk)
URL: http://www.reuters.com/article/2012/02/15/us-usa-economy-empire-manufacturing-idUSTRE81E12720120215