Numbers: The New York Fed’s Empire State Business Conditions Index, an indicator of manufacturing activity in the state, jumped 36.4 points to 24.6 in April, the regional bank said Friday. from the Fed. Economists were expecting a flat reading, according to a Wall Street Journal survey.
Any reading above zero indicates improving conditions.
The index had fallen to minus 11.8 in March following Russia’s invasion of Ukraine.
Key details: The new orders index jumped 36.3 points to 25.1 in April, and the shipments index jumped 41.9 points to 34.5.
Unfilled orders rose 4.2 points to 17.3 in April while delivery times fell 10.9 points to 21.8.
The price paid index reached a record high of 86.4.
There was a dark note. Manufacturers’ optimism about the next six months fell 21 points to 15.2, the lowest level since the start of the pandemic.
Big Picture: Manufacturing has been a bright spot in the economy coming out of the pandemic. But there are fears that demand will weaken. The Empire State index has been at the bottom of the range of all regional manufacturing surveys this year.
Economists use regional surveys to get an early reading of US manufacturing.
The Institute for Supply Management’s Factory Index slipped to 57.1 in March, its lowest level since September 2020. It was above the 50 level that marks expanding activity for 22 straight months.
Market reaction: The DJIA stick,
and TMUBMUSD10Y bond markets,
were closed for the Good Friday holiday.