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"The pace of [manufacturing sector] recovery has accelerated"
- Millan Mulraine, a senior U.S. strategist at TD Securities
New York region's manufacturing sector grew in January at the fastest pace since May 2011, reflecting improving sales, employment and orders.
The New York "Empire State" general economic conditions index advanced to 13.5 from a revised 8.2 in December, said the Federal Reserve Bank of New York on Tuesday.
"It's a reflection of improvement in demand," said Millan Mulraine, a senior U.S. strategist at TD Securities in New York.
"The pace of recovery has accelerated. We're beginning to see signs that the economy is starting to build on the strong momentum that we saw at the end of last year."
"Manufacturing activity generally continued to expand, although the pace of growth has slowed for selected subsectors such as technology products," said the Federal Reserve on January 11.