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Manufacturing in New York Fed Region Expands at Faster Pace Than Estimated

Bloomberg (01/17/12) Homan, Timothy

The Federal Reserve Bank of New York reports the Empire State manufacturing index rose in January to its highest level since April, reflecting improving orders, sales, and employment. The Empire State index rose to 13.5 in January—the highest level since April—from a revised 8.2 in December. Economists projected the gauge would rise to 11, based on the median of 56 forecasts in a Bloomberg News survey.