Surveys gauging manufacturing growth or contraction in Empire State. (REUTERS)
The Empire State Manufacturing Survey, the New York Federal Reserve’s gauge of manufacturing activity in the region, rose to 9.56 in April. The gauge is up from just 0.62 in January, which was the first time .
The results beat the median forecast, as economists had anticipated an increase to only 2.21. The general business conditions index rose to a reading slightly above zero last month, the first time in seven months activity climbed out of contraction. Readings above 0 point to expansion, while those below indicate contraction.
Thirty-one percent of respondents reported that conditions had improved over the month, while more than a fifth (22%) still reported that conditions had worsened.
The new orders and shipments indexes registered an increase in both orders and shipments, and inventories were slightly lower than last month. The prices paid index climbed sixteen points to 19.2, pointing to a pickup in input price increases, while the prices received index rose above zero, a sign that selling prices increased. Employment levels and the average workweek were little changed from March. The six-month outlook continued to improve, with the index for future business conditions rising for a third straight month.
