NY Fed Manufacturing Index Unexpectedly Expands Activity for First Time in 5 Months as Orders Rebound – Bloomberg

2023-04-17 12:36:25

The New York Fed’s manufacturing index for April showed an unexpected increase in activity in the market. It is the first time in five months that it has entered the expansion zone. New orders and shipments recovered sharply.

Key Point
NY Fed manufacturing business index is +10.8 Up more than 35 points from -24.6 in the previous month Exceeds all expectations of economists surveyed by Bloomberg Median expected value is -18 Zero is the boundary between activity expansion and contraction

The index that shows demand has improved greatly, and the index of new orders rose by 46.8 points, the highest ever, to 25.1, the highest level in a year. The shipment index increased by more than 37 points.

The input price index fell regarding 9 points, suggesting moderation in input cost inflation. On the other hand, the sales price index rose slightly.

The employment index showed that employment fell for the third month in a row. The index of average weekly working hours also continued to decline.

Inventory level expanded. The backlog of orders remained unchanged.

The outlook for business sentiment rose to 6.6. Business fixed investment and employment outlook indexes also improved.

See table for detailed statistics.

Original title:New York Factory Activity Expands for First Time in Five Months(excerpt)

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