Manufacturing activity in the New York region grew again in July after four months down due to the effects of the pandemic of coronavirus, which hit this area very hard, revealed the Empire State monthly indicator on Wednesday.
The indicator rose to 17.2 points, a strong rebound from last month when it was at -0.2 points, according to the regional antenna of the Federal Reserve that collects the data.
Business activity increased in New York for the first time in several months, according to companies that responded to the July 2020 survey, “the Fed said.
For its part, manufacturing production in the United States increased in June, for the second month in a row, thanks to higher vehicle production amid the reopening of businesses, but the incipient rebound in US manufacturing activity was overshadowed by the increase in cases of coronavirus Covid-19.
The Federal Reserve said manufacturing output grew 7.2% last month. Factory production rose 3.8% – unrevised data – in May. Overall industrial production rose 5.4% last month after rising 1.4% in May.
The current level is still below the 10.9% rise recorded in February, before the outbreak of coronavirus paralyze the economy, specified the Fed in the statement.
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