15 January 2010 20:42 [Source: ICIS news]
HOUSTON (ICIS news)--A leading indicator of the health of the US manufacturing industry showed larger-than-expected gains in both current business conditions and six-month expectations, the American Chemistry Council (ACC) said on Friday.
The Empire State Manufacturing Survey, prepared by the New York Federal Reserve, indicated that conditions for ?xml:namespace>
The survey’s current business index surged 11.9 points to 15.9 in January, indicating expansion by remaining above the break-even point of 0. Indexes for new orders, shipments and prices all posted similar increases, reversing December declines.
In addition, employment indexes moved into positive territory after slipping below 0 in December.
Indexes for six-month expectations were “highly optimistic”, with both industry activity and employment widely expected to improve over the next six months, according to the New York Federal Reserve.
As a result, a number of companies are expecting to increase their capital spending in that timeframe, even as low capacity utilisation and expected sales growth hinders investment, the ACC said.
($1 = €0.69)
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