New York Index Shows U.S. Factories on the Mend: Economy

Manufacturing in the New York region unexpectedly rebounded in February, a sign factories will help sustain the U.S. economic expansion after a brief slowdown at the start of the year.

The Federal Reserve Bank of New York’s Empire State index climbed to 10 from minus 7.8 in January, exceeding all forecasts in a Bloomberg survey. It was the highest since May 2012. Readings greater than zero signal growth in New York, northern New Jersey and southern Connecticut. Other data showed factory production throughout the U.S. dropped in January following the biggest two-month advance in three decades.