The New York Fed’s Empire State business conditions index, a gauge of manufacturing activity in the state, jumped 35.4 points in April to 10.8.
The numbers: The New York Fed’s Empire State business conditions index, a gauge of manufacturing activity in the state, jumped 35.4 points in April to 10.8, the regional Fed bank said Monday.Any reading above zero indicates improving conditions.... The numbers: The New York Fed’s Empire State business conditions index, a gauge of manufacturing activity in the state, jumped 35.4 points in April to 10.8, the regional Fed bank said Monday.Any reading above zero indicates improving conditions.
Key details: The index for new orders soared 46.8 points to 25.1 in April and the shipments index jumped 37.3 points to 23.9.Despite the strength, both employment and hours worked declined for the third straight month. Selling prices increased at the same pace as last month.Big picture: This is the first of the regional Fed reports. Manufacturing is showing some life after sharp weakness earlier in the year. Some of the strength could be from China’s reopening.
Market reaction: Stocks DJIA SPX were set to open higher on Monday. The yield on the 10-year Treasury note TMUBMUSD10Y rose to 3.55%.
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