New York state manufacturing activity unexpectedly expanded in April for the first time in five months after new orders and shipments slowed.
The manufacturing activity of the state of NY expandedor unexpectedly in April for the first time in five months after new orders and shipments declined.
The general index of business conditions of the General Bank of the Federal Reserve Bank of New York rose more than 35 points to 10.8 this is, the strongest reading since July, according to data released Monday. Readings above zero indicate expansion, and lThe figure exceeded all forecasts in a Bloomberg survey of economists.
Investments, credit and the takeoff of the agricultural dollar give reserves a break
Demand indicators improved notably. The orders index posted a record increase of 46.8 points in the month to 25.1, a one-year high. The indicator shipments also increasedwith an increase of more than 37 points.
The price paid indicator of the New York Fed fell about 9 points, which indicates that the inflation of the cost of inputs moderated. The growth rate of sales prices increased.
However, the Fed’s regional employment index indicated that the number of employees decreased for the third consecutive month. Hours worked also contracted again.
Inventories increased slightly. Unfilled orders remained unchanged.
Looking ahead, the factories showed somewhat more optimistic about business conditions in general. Future capital spending and employment indicators also improved. The indices of input costs and sales prices in the next six months increased.
