Last updated: April 17, 2023 at 8:33 am ET
Initial publication: April 17, 2023 at 8:30 am ET
The numbers: The New York Fed’s Empire State Business Condition Index, a measure of manufacturing activity in the state, rose 35.4 points to 10.8 in April, the regional Fed said on Monday.
According to a survey by the Wall Street Journal, economists had expected a value of minus 15.
Any reading above zero indicates improving conditions….
The payment: The New York Fed’s Empire State Business Condition Index, a measure of manufacturing activity in the state, rose 35.4 points to 10.8 in April, the regional Fed said on Monday.
According to a survey by the Wall Street Journal, economists had expected a value of minus 15.
Any reading above zero indicates improving conditions. This is the first positive reading in five months.
Key data: The new orders index rose 46.8 points to 25.1 in April and the shipping index rose 37.3 points to 23.9.
Unfulfilled orders rose 6.7 points to a flat reading.
Despite the strength, both employment and hours worked fell for the third straight month. Selling prices rose at the same pace as in the previous month.
Companies continue to expect little improvement in conditions over the next six months.
Big picture: This is the first of the regional Fed reports. Manufacturing is showing some life after strong weakness earlier in the year. Some of the strength could come from China’s reopening. Some economists fear the sector could be hurt by tightening credit conditions triggered by the collapse of Silicon Valley Bank.
Market reaction: Shares
DJIA
SPX
should open higher on Monday. The yield on the 10-year government bond
TMUBMUSD10Y
rose to 3.55%.
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