N.Y. Fed Manufacturing Index Up

Washington, DC, May 15, 2007--Manufacturing activity in New York State factories rose in May, the New York Federal Reserve said on Tuesday, extending the previous month's recovery after hitting its lowest in nearly two years in March.

The New York Fed's "Empire State" general business conditions index jumped to 8.03 from 3.80 in April. Economists polled by Reuters had expected a reading of 8.0.

The new orders component jumped to 8.02 from 3.94 in April, while the prices paid component fell to 34.44 from 40.48.

The survey of manufacturing plants in the state is one of the earliest monthly guideposts to U.S. factory conditions.