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- Manufacturing activity in the New York region expands more than anticipated in April
Manufacturing activity in the New York region expands more than anticipated in April
The
report from the New York Federal Reserve showed on Thursday that manufacturing
activity in the New York region expanded strongly in early April.
According
to the survey, NY Fed Empire State manufacturing index climbed from 17.4 in March
to 26.3 in April, pointing to the fastest growth in activity since October 2017.
Economists
had expected the index to come in at 19.5.
Anything
below zero signals contraction.
According
to the report, the new orders index surged 17.8 points to 26.9, and the
shipments index rose 3.9 points to 25.0, pointing to strong advances in orders
and shipments. The delivery times index jumped 16.7 points to 28.1, pointing to
the longest on record delivery times, and the inventories index went up 3.5
points to 11.6. The employment index increased 4.5 points to 13.9, indicating an ongoing
rise in employment. On the price front, the prices paid index jumped 10.3
points to 74.7, its highest level since 2008, pointing to sharp input price increases,
while the prices received index climbed 10.7 points to 34.9, a record high, indicating
that selling prices grew at the quickest pace in more than twenty years.
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