Empire: Current Conditions Improve But Outlook Weakens

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 The April Empire State Manufacturing Survey from the Federal Reserve Bank of New York reflected a moderate improvement in manufacturing activity in New York State, with the headline general business conditions index moving into positive territory at 11.0 compared to the -0.2 reported for March. Similarly, the shipments index increased soundly from -6.9 to 20.2, and new orders increased 12.9 points to 19.3. Additionally, the two employment indexes, number of employees and average work week, increased modestly. Finally, the prices paid index increased from 36.6 to 51.0. However, the six-month forward looking indexes were generally weaker m/m, with the general business conditions expectations index falling from 31.0 to 19.6. Likewise, the new orders, shipments, employment and capex expectations indexes all moved modestly lower.

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