Fed's N.Y. manufacturing index hits highest level of year
by Eric Durr
12/15/2005
Business is good for New York manufacturers, according to the latest manufacturing survey from the Federal Reserve Bank of Buffalo.
The Fed's monthly "Empire State Manufacturing Survey," released on Dec. 15., says that business conditions for manufacturers increased at an accelerated rate in November. The Fed's business conditions index was at 28.7, the highest level reached in 2005. Forty-three percent of the respondents to the Federal Reserve survey reported that business conditions have improved.
New orders have increased and survey respondents indicated that they were optimistic about the business climate over the next six months.
These findings generally reflect the experience of his business over the past year, said Randall Putnam, president and chief operating officer of Specialty Silicone Products Inc., a Ballston Spa maker of automobile parts and laboratory products.
His company had a number of orders in the beginning of the year, saw a dip in mid-year, and beginning in September picked up again, Putnam said.
In general, manufacturers in the Albany area appear to be doing well, although there are some businesses which are not experiencing the kind of positive growth the Fed survey found, Putnam said. "I think it is spotty," he said.
© 2005 American City Business Journals Inc.
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