- Empire State index jumped this month by more than 35 points
- Orders and shipments snapped back, input price growth cooled
According to Bloomberg article published on April 17, 2023, New York state manufacturing activity unexpectedly expanded in April for the first time in five months as new orders and shipments snapped back.
The Federal Reserve Bank of New York’s general business conditions index jumped over 35 points to 10.8 this month, the strongest reading since July, data showed Monday. Readings above zero indicate expansion, and the figure topped all forecasts in a Bloomberg survey of economists.
Measures of demand markedly improved. The orders index jumped by a record 46.8 points in the month to 25.1, a one-year high. The shipments gauge also surged more than 37 points.
The New York Fed’s gauge of prices paid fell by about 9 points, indicating input cost inflation moderated. The pace of selling price growth edged up.
However, the regional Fed’s measure of employment indicated headcount declined for a third-straight month. Hours worked also contracted again.
Inventories grew modestly. Unfilled orders were unchanged.
Looking ahead, factories were somewhat more upbeat about general business conditions. Forward-looking measures of capital expenditures and employment also improved. Indexes of input costs and selling prices in the six months ahead both rose.
