Friday, April 15, 2016

NY Fed: April "General business conditions climbed nine points, highest in more than a year"

by Bill McBride on 4/15/2016 08:35:00 AM

From the NY Fed: Empire State Manufacturing Survey

Business activity expanded for New York manufacturing firms for the first time in over a year, according to the April 2016 survey. After remaining in negative territory for seven months, the general business conditions index rose to a reading slightly above zero last month, and climbed nine more points to reach 9.6 in April.
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The index for number of employees edged up to 2.0, indicating that employment levels remained fairly steady, and the average workweek index was unchanged at 2.0, a sign that hours worked remained largely the same.
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Indexes for the six-month outlook indicated that conditions were expected to improve in the months ahead. The index for future business conditions moved up four points to 29.4—its third consecutive rise. The index for future new orders remained elevated at 36.6, and the index for future shipments climbed to 37.2. Future employment indexes conveyed an expectation that employment levels and the average workweek would rise modestly over the next six months.
This was above the consensus forecast of 3.0, and indicates manufacturing expanded in the NY region in April.