Manufacturing in New York rebounded in January on more orders and stronger hiring

Economic IndicatorsAssociated Press

Manufacturing activity in New York state rebounded in January, with factory owners saying they were more optimistic about future demand and hiring.

The Federal Reserve Bank of New York says its Empire State Manufacturing index rose to 10 this month after having fallen to minus 1.23 in December. Any reading above zero indicates expansion. The December reading had been the first negative figure in nearly two years.

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New orders and shipments both rose, as did a measure of current hiring. A gauge of future hiring plans jumped to its highest level in nearly three years.

The New York Fed's Empire State survey provides an early look at U.S. manufacturing each month. The New York Fed surveys 200 businesses in the state and typically receives responses from 100.