New York manufacturing shows solid gains

Manufacturing growth in New York City began the year with the fasted three-month pace since early 2011, the Institute for Supply Management said Tuesday. aA report from ISM-NY Inc. said the city's current business conditions index came in at 64.4 in January, putting the three-month average above 60 for the first time in three years. While current conditions looked strong, the Six-Month Outlook index came in at 70, making December and January the first two-month streak with the optimism index at 70 or higher in two years. The employment index hit a three-year high in January, reaching 60.7. Numbers above 50 in the monthly indexes signify growth while below 50 indicate business contraction. The current revenues index was 63.5 in January. The expected revenue index was 71.7, ISM said.