Manufacturing activity has grown substantially in New York this month, with optimism for the sector also remaining high, according to the recently released Federal Reserve Bank of New York's Empire State Manufacturing Survey.
According to Dow Jones Newswires, the state's business conditions index jumped to 9.53 this month, a strong increase from the 0.61 level in November. Ratings higher than zero indicate expansion among companies in the index.
The sharp increase came as most economists polled by news agencies such as Bloomberg and Dow Jones had only anticipated an uptick to approximately 3.0.
In addition to the index itself climbing, the new orders index grew from -2.07 in November to 5.10 in December, while the shipments index reached 20.87, more than double last month's figure, according to Dow Jones.
Joel Naroff, the president of Naroff Economic Advisors in Holland, Pennsylvania, told Bloomberg that strong growth from the manufacturing sector could indicate a bright outlook for the economy as a whole.
"Improving consumer spending is helping power rising orders and production," Naroff suggested ahead of the report. "If the manufacturing sector is doing well, it tends to point to solid overall economic activity."
An increase in manufacturing activity also undoubtedly boosts manufacturing staffing. In New Hampshire, evidence of this can be seen in the recent decision by a French company to construct a plant in Rochester's industrial park.
Foster's Daily Democrat reports the Concord Executive Council recently voted to approve a $4 million state loan enabling the aerospace composites manufacturer to build the new facility.
According to the news source, state and local officials have been looking to move forward with the expansion plans for a while, with Governor John Lynch saying last year that new investment in the company's current operations could result in a total of 500 new jobs in the Rochester area.
"This is an exciting time for the city of Rochester, and an exciting time for the state of New Hampshire," Lynch said during a 2010 announcement about the plan. "These are good paying jobs at a great company, and these are exactly the kinds of job creation we've been working toward here in our great state."