New York Fed manufacturing grows in Feb for first time in seven months

NEW YORK Fri Feb 15, 2013 8:36am EST

Shoppers look at appliances at a Home Depot store in New York in this file image from December 23, 2009. REUTERS/Lucas Jackson/Files

Shoppers look at appliances at a Home Depot store in New York in this file image from December 23, 2009.

Credit: Reuters/Lucas Jackson/Files

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NEW YORK (Reuters) - Manufacturing in New York state expanded in February for the first time in seven months, boosted by a surge in new orders, the New York Federal Reserve said in a report on Friday.

The New York Fed's "Empire State" general business conditions index rose to 10.0 from -7.8 the month before, easily topping economists' forecast of -2.0. February's index showed the first growth in the sector since July and the best performance since May 2012.

New orders surged to 13.31, the highest since May of 2011, from -7.2 in January. Inventories rose to 0.0 from -8.6.

Employment gauges rebounded as well. The index for the number of employees rose to 8.1 from -4.3 for its best showing since August of 2012. The average employee workweek index edged up to -4.0 from -5.4.

The prices paid index jumped to 26.3 from 22.6 in January.

Manufacturers in the state were also more optimistic about the future, with the index of business conditions six months ahead rising to 33.1 in February, the highest in 10 months. The January reading was 22.4.

The survey of manufacturing plants in the state is one of the earliest monthly guideposts to U.S. factory conditions.

(Reporting By Steven C. Johnson; Editing by Chizu Nomiyama)

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Comments (1)
morbas wrote:
The industrial growth would be optimalized by eliminating all company taxes; for all company overhead must be accounted for in the product cost to the consumer. The keys then are buried in the unfair tax system, consider these facts.
The federal budget is $3.8 trillion. Federal plus state plus municipality is greater than $8.06 trillion. The sum total of all personal income is $12.98 trillion. Thus, the governments are operating at 62 percent of total personal income. Taxation at state and municipal levels is less progressive than federal, which burdens the lowest income levels with the highest effective rate; and the upper 2 percent with the lowest effective rate. Thus, municipalities borrow more in a recession, as the lower quintile’ wages are more diminished. Revenue burden falls on the true employment engines the entrepreneurial small business, And thus the consumer.

–Cut,paste and send to your Sanators and Representative.

Mandate: Fairness requires top earners pay more.
Simply put, the federal and state tax system needs to tax the money, not the people. Poverty/subsistence margin flat rate of taxation is fairness. The upper quintile views fair as the more you make the more you take home. This meets both criteria. The Washington bureaucrats missed a big opportunity to propose a margin flat rate tax that balances the budget. Rates $0-20K 0%, money above $20K 35%; couples freely share; all income bundled and taxed in summation form, no exemptions. And provide business relief with no business taxation with provisions on ‘partnership and disregarded’ businesses to transfer funds into personal accounts as the taxable income. Ends family business inheritance taxation, except when sold for personal profit (always taxable).

–End Cut, past and send to your Senators and Representative.

The fiscal cliff resolution applies a higher 39.6% commoner rate accommodating a 20% capital gains gentile rate, and does not balance the budget. The ‘margin flat rate tax’ ($20k 35%) balances the budget eliminating all other taxes (payroll, gasoline, whatever…) with a lower 35% flat tax rate. And has a lower rate than the federal income single standard deduction form for under $250k level.

In That fiscal Cliff Resolution,
The top marginal tax rate on income of 39.6%.
The top marginal tax rate on long-term capital gains of 20%.
Higher Income taxes tax rate is regessive, a violation of Amendment 16 that says,
“The higher the earnings, the higher the percentage collected from them.”

Feb 15, 2013 10:32am EST  --  Report as abuse
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