New York Manufacturing Index Jumps in December

anufacturing growth in New York state rose at the fastest pace in 17 months as factories paid less for materials and demand rose, according to a monthly survey by the Federal Reserve Bank of New York released Thursday.

The New York Fed’s so-called Empire State index rose to 28.7 from 22.8 in November. Readings above zero indicate expansion.

The reading was greater than the 15 to 25 range predicted by economists, Bloomberg reported. In February 2004, the index reached a record high of 39.6.