U.S. April Empire State Manufacturing Survey - 6-month expectations plunge, prices rising
April’s Empire State manufacturing index at -8.1 was weak, but less so than February’s -20.0. However looking at the details weakness in 6-month expectations and strength in prices shows tariffs are doing some damage.
The 6-mopnth expectations index of -7.4 is down from a positive 12.7 in March and the first negative since November 2022. It is the weakest reading since -11.9 in September 2001, the month of the September 11 terrorist attack.
Current month data shows prices paid rose to 50.8 from 44.9, while prices received rise to 28.7 from 22.4, both a fourth straight acceleration and the highest levels since August 2022.
Six month expectations for prices see prices paid at 65.6 from 58.2 and prices received at 45.9 from 38.8, the highest since June 2022 and April 2022 respectively.