The Empire State Manufacturing Survey showed that “conditions for New York manufacturers improved at an accelerated pace in April,” the Federal Reserve Bank of New York reported Friday, as the general business conditions index increased to 21.70 from 17.50 in March.
Economists expected the index would grow to 17.30.
The new orders index surged to 22.34 from 5.81, while the shipments index soared to 28.29 from 1.62, the Fed said.
The prices paid index grew to 57.69 from 53.25, while the prices received index rose to 26.92 from 20.78. The number of employees index increased to 23.08 from 9.09, while the average employee workweek index slid to 10.26 from 15.58, the Fed reported.
Looking six months into the future, the general business conditions index dipped to 47.44 from 49.35 last month. The new orders index grew to 43.59 from 42.86, while the shipments index dropped to 37.18 from 40.26.
The capital expenditures expectations index increased to 29.49 from 22.08. The technology spending index rose to 17.95 from 6.49.
