Manufacturing in N.Y. Stabilized in April

The Empire State Manufacturing Survey “indicates that manufacturing activity in New York stabilized in April after deteriorating in February and March,” the Federal Reserve Bank of New York reported yesterday, as the general business conditions index rebounded from an all-time low of negative 22.23 in March to a positive 0.63 reading in April.

Economists surveyed by IFR Markets expected the index would be negative 16.00.

The new orders index improved to positive 0.06 from negative 4.69, while the shipments index grew to positive 17.49 from negative 5.20, the Fed said.

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