EMPIRE STATE PMI DROPS IN APRIL

The Empire State Manufacturing Survey’s headline index fell significantly in April, though it still indicated a modest increase in activity. The general business conditions index dropped fourteen points to 6.6, suggesting that
while growth continued, the pace slowed over the month.

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The new orders index was little changed at 6.5, indicating a modest increase in orders, and the shipments index fell twelve points to 6.4, indicating a slower pace of growth for shipments. The unfilled orders index fell six points to -7.2, and the delivery time index dropped three points to 4.8. The inventories index was little changed at 1.2, suggesting that inventory levels held steady.

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Input price increases remained significant. After rising sharply last month, the prices paid index fell five points to 45.8. Though somewhat lower than in March, this reading was well above the index’s level in the preceding several months. Selling prices also rose noticeably, with the prices received index climbing six points to 19.3.

Employment indexes were positive, but moved in opposite directions. Pointing to a healthy increase in employment levels, the index for number of employees rose six points to 19.3, its highest level in nearly a year. The average workweek index fell thirteen points to 6.0, indicating a modest increase in hours worked.

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