MW: Dec Empire State index at highest level since May
By Greg Robb
WASHINGTON (MarketWatch) - The Empire State manufacturing index rose in December to its highest level in seven months, the New York Federal Reserve Bank said Thursday. The Empire state index rose to 9.5 in December from 0.6 in November. The index had been at or below zero since June. The size of the gain in December surprised analysts. Economists polled by MarketWatch expected the index to rise to 3.0 in December. Underlying conditions were mainly strong. The new orders index rose to 5.1 in December from negative 2.1 in November. The employment indexes were mixed. The index for the number of employees rose to 2.3 in December from a negative 3.7 in November but the average workweek fell to negative 2.3 from 2.4 in the prior month. A reading of expected conditions six-months ahead climbed sharply in December to its highest reading since May.
