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Modest rebound...Factory production up...NY manufacturing shrinks...Perfect weather for business

By The Associated Press | Posted - Dec. 15, 2014 at 8:21 a.m.



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NEW YORK (AP) — The stock market is rebounding off its worst loss in two months. After dropping 315 points on Friday, the Dow jumped more than 100 points in the opening minutes of trading on Wall Street, before settling back somewhat. The broader indexes are also modestly higher. The price of crude oil is trading below $58 a barrel.

WASHINGTON (AP) — The Federal Reserve says factory production rose 1.1 percent last month, pushing output above its pre-recession peak. Auto production led the way, with strong sales boosting it by more than 5 percent. Utilities faced additional demand because of colder than usual weather. Mining production slipped.

WASHINGTON (AP) — The Federal Reserve Bank of New York says manufacturing activity in New York state shrank this month for the first time in nearly two years. Drops in orders and shipments pulled the Empire State Manufacturing index down to negative-3.6, indicating contraction. Factories in New York may be slowing after a rapid run-up in business in the fall. The index reached a five-year high in September.

WASHINGTON (AP) — A new study is linking temperature and productivity and income. The National Bureau of Economic Research study says on days that average about 77 degrees, people's income is reduced by about $5 a day when compared with days that are about 20 degrees cooler. Productivity is maximized when the daily highs are between 65 and 70 degrees.

NEW YORK (AP) — Former New York Mayor Michael Bloomberg's foundation is funding efforts in 14 cities to create "innovation teams" to jump-start new approaches to poverty, public safety, job growth and other issues. The cities range in size from Centennial, Colorado, with about 106,000 residents, to Los Angeles, with nearly 3.9 million. Twelve of the cities are in the U.S., while the other two are Jerusalem and Tel Aviv. Each city will receive anywhere from $400,000 to $1 million annually for three years.

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The Associated Press

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