NY Fed Reports Increased Manufacturing Activity in April.
New York Fed Manufacturing Activity Rises in April, Beating Expectations
The New York Fed manufacturing index, which measures business activity in New York State, rose by 35.4 points to 10.8 in April. This positive reading beat the expected negative 15, according to a poll by the Wall Street Journal. This was the first reading in positive territory in five months.
Any reading above zero indicates improving conditions, and in April, the new orders index increased by 46.8 points to 25.1 while the shipment index rose by 37.3 points to 23.9. Unfulfilled orders also rose by 6.7 points to a flat value.
Despite this strength, both employment and hours worked decreased for the third consecutive month, while sales prices remained the same as the month before.
Firms participating in the survey continued to be pessimistic, with little expected improvement in conditions over the next six months.
