Manufacturing activity in the New York area picked up in January.

The Empire State Manufacturing index jumped to 9.95 in January from -1.23 in December.

This was much higher than the 5.00 level expected by economists.

"Empire manufacturing sentiment strikes back," BNP's Bricklin Dwyer exclaimed. "The first look at manufacturing sentiment in January looks positive. "

"This month’s survey also showed modest growth in new orders and shipments," the NY Fed noted. "Labor market conditions were mixed, with the index for number of employees rising several points to 13.7, while the average workweek index remained negative at -8.4. Both the prices paid and prices received indexes came in at 12.6, indicating a continued modest increase in input prices and selling prices. As has been the case for much of the past year, indexes for the six-month outlook pointed to widespread optimism about future conditions."

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