Manufacturing in the New York state region rebounded sharply in August, the first improvement in the troubled sector in more than a year, the Federal Reserve (Fed) Bank of New York said Monday. The Empire State Manufacturing Survey's general business conditions index rose 13 points to 12.1, its highest level since November 2007 and much higher than the 2.2 point gain expected by analysts. The index stood at negative 0.55 in July. “For the first time in considerably more than a year, the Empire State Manufacturing Survey indicates that conditions for New York manufacturers have improved,” the New York Fed said in a statement. “The new-orders and shipments indexes rose to their highest levels in many months,” the bank said, noting that inventories remained low.
