Empire State manufacturing index rises in April but growth still subdued
Business conditions in the New York region improved more than expected in April but growth remained "fairly subdued", according to a survey released by the New York Fed on Monday.
The Empire State manufacturing index rose to 10.1 from 3.7 in March, surpassing expectations for a reading of 6.0.
The new orders index rose to 7.5 this month from 3.0 the month before, while the shipments index increased to 8.6 from 7.7.
The delivery time gauge pushed up to 7.0 from 1.4 in March and the inventories index printed at 8.4 this month from zero the previous month.
Meanwhile, optimism about the outlook for the next six months was much lower than in March, with the index for future business conditions down 17 points to 12.4, hitting it lowest level in more than three years.