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NY Manufacturing Driving Business Sector in Recovery

03/15/2010
A Bloomberg report states manufacturing in the New York region grew for the eighth straight month in March, with orders, sales and employment.

The trend, notes the report, indicates that the factory industry is remaining stable and may be leading the country's economy out of the worst recession in history.

Business spend increased in February due to an increasing demand for communications and computer equipment. Federal statistics have reported production at mines, utilities and factory having gained a .1 percent increase.

According to Bloomberg, factories added 1,000 workers to payrolls in February, according to Labor Department data and reflect the first back-to-back gain since 2006.

A Bloomberg survey predicts the U.S. economy will grow at an average 2.75 percent annual rate in the first six months of the year.

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