Goods producers continues to rebound as evidenced by the latest survey of regional manufacturing. The Empire Manufacturing Index, which looks at conditions in New York, increased 7 points in September to 18.9, the best reading since late 2007.
A level of zero marks the line between expansion and contraction.
Looking ahead, the future indexes were generally positive and near last month’s levels. The future general business conditions index rose 4 points, to 52.3, a level last reached in 2004.
Coupled with today’s robust retail sales figure, the economy appears poised to post positive numbers in 3Q. And manufacturing may be looking more at a V-shaped recovery as companies replace depleted stockpiles.
But it will take a more concerted effort by shell-shocked consumers if what appears to be shaping up as a fairly upbeat recovery in manufacturing continues into next year or moderates.
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