New York Manufacturing Index Jumps To Multi-Year High In April
15 April 2021 - 7:59PM
RTTF2
New York manufacturing activity grew strongly in the month of
April, the Federal Reserve Bank of New York revealed in a report on
Thursday.
The New York Fed said its general business conditions index
climbed to 26.3 in April from 17.4 in March, with a positive
reading indicating growth in regional manufacturing activity.
Economists had expected the index to inch up to 19.5.
With the much bigger than expected increase, the general
business conditions index reached its highest level since hitting
26.6 in October of 2017.
The jump by the headline index was partly due to a substantial
acceleration in the pace of growth in new orders, as the new orders
index spiked to 26.9 in April from 9.1 in March.
The report said the shipments index also rose to 25.0 in April
from 21.1 in March, while the number of employees index advanced to
13.9 from 9.4.
On the inflation front, the prices paid index jumped to 74.7 in
April from 64.4 in March, reaching its highest level since July of
2008.
The prices received index also surged up to a record high 34.9
in April from 24.2 in March, indicating that selling prices
increased at the fastest pace in more than twenty years.
Looking ahead, the New York Fed said firms remained optimistic
that conditions would improve over the next six months.
The index for future business conditions rose to 39.8 in April
from 36.4 in March, with firms expecting significant increases in
employment and prices.
A separate report from the Philadelphia Federal Reserve showed
an unexpected acceleration in the pace of growth in regional
manufacturing activity in the month of April.
The Philly Fed said its index for current manufacturing activity
rose to 50.2 in April from a downwardly revised 44.5 in March.
The increase surprised economists, who had expected the index to
drop to 42.0 from the 51.8 originally reported for the previous
month.
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