The Empire State Manufacturing index increased in March, according to the Federal Reserve Bank of New York. The index rose to 5.6 in March after being at 4.5 in February.
The positive gains in March were a pleasant surprise as February's reading declined by 8 points from January. The 12.5 reading in January was the highest the index has been since May 2012. Although March's positive index reading is good news for the New York manufacturing industry, Ian Shepherdson, chief economist at Pantheon Macroeconomics, told MarketWatch the economy has not fully recovered just yet.
"We're still waiting … for a clear sign that activity in the small firm sector is breaking to the upside," Shepherdson said. "This isn't it."
Several sectors in the industry showed minor improvements over the past month. New orders increased from February's negative 0.2 mark to stand at 3.1. Shipments rose from 2.1 to 4 and inventories increased from negative 5.0 to positive 7.1.
Businesses who are looking to hire experienced worker to help them meet the demands of the industry can use manufacturing recruiters to assist them in their search.