February hotting up for manufacturing

The first regional Fed surveys for manufacturing in the current month both showed very strong surges in activity. The Empire State Manufacturing hit a two and a half-year high with a reading of 18.7, up from 7 in January and 0 to negative for the last two years. This is near the level it reaches in the good times at around 20. The Philly Fed current conditions surged to post-recession highs, while expectations remained at recent strong levels. The employment component also stayed up at recent highs. Residential construction is also looking like it is picking up, with new positive…

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