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Monday, April 15, 2013

NY Fed: Empire State Manufacturing index declines, Shows slight expansion in April

by Calculated Risk on 4/15/2013 08:35:00 AM

From the NY Fed: Empire State Manufacturing Survey

The April 2013 Empire State Manufacturing Survey indicates that conditions for New York manufacturers improved slightly. The general business conditions index fell six points but, at 3.1, remained positive for a third consecutive month. Similarly, the new orders index was lower than last month but still positive, dipping six points to 2.2, and the shipments index fell to 0.8.
Employment indexes pointed to some firming in labor market conditions. The index for number of employees rose four points to 6.8, indicating a modest increase in employment levels, and the average workweek index rose six points to 5.7, indicating a modest increase in hours worked.
This suggests some expansion, but was below the consensus forecast of a reading of 7.5.