The Empire State Manufacturing Survey general business-conditions index rose 9 points to 9.6 in April, its highest level in more than a year
The March reading of 0.6 was the index’s first positive reading since July of last year.
The results of the April survey indicate business activity “expanded for New York manufacturers,” the Federal Reserve Bank of New York said in a news release issued Friday.
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A poll of economists that MarketWatch.com had compiled had forecast an index reading of 3.0, according to an article posted Friday morning on that website.
A positive reading in the index indicates expansion or growth in the sector, while a negative reading points to a decline in manufacturing activity.
The survey found 31 percent of respondents reported that conditions had improved over the month, while 22 percent reported that conditions had worsened.
The new orders and shipments indexes registered an increase in both orders and shipments, and inventories were “slightly lower” than last month.
The prices-paid index climbed 16 points to 19.2, pointing to a “pickup” in input-price increases, while the prices-received index rose above zero, a “sign that selling prices increased,” according to the New York Fed.
Employment levels and the average workweek were “little changed” from March.
The six-month outlook “continued to improve,” with the index for future business conditions rising for a third straight month.
The New York Fed distributes the Empire State Manufacturing Survey on the first day of each month to the same pool of about 200 manufacturing executives in New York. On average, about 100 executives return responses.
Contact Reinhardt at ereinhardt@cnybj.com
