The Federal Reserve Bank of New York said that economic conditions and employment trends in the region’s manufacturing sector showed modest improvements over the past few months after two years of decline. 

“To date, the manufacturing sector has been a key source of growth during the recovery. After an unusually steep decline from late 2007 to mid-2009, manufacturing output has grown rapidly over the past year, although the level of manufacturing output remains well below the previous peak,” William Dudley, the New York Fed’s president and chief executive officer, said during the bank’s quarterly regional economic briefing.

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