Fed finds New York manufacturers upbeat
The Federal Reserve Bank of New York said its Empire State Manufacturing Survey indicates that conditions for New York manufacturers improved significantly in June.
The bank said after three months of lackluster readings, the general business conditions index bounced up 18 points, to 25.8, and indexes that track new orders and shipments also rose.
Future indexes indicate a high level of optimism for the six-month outlook, while capital spending and technology spending indexes dropped markedly.
The bank said 45 percent of responding firms indicated they would invest more in capital in 2007 than in 2006, while roughly one in four firms reported reductions in overall capital spending.
The survey results also suggested that, of the broad categories of capital, non-computer-related equipment would see the most widespread increase in investment spending.
Fed finds New York manufacturers upbeat
