U.S. April Empire State Manufacturing Survey - Resilient, prices mostly firmer but not shockingly so
April’s Empire State manufacturing index at 11.0 is up from a near neutral -0.2 in March and the strongest since November, suggesting activity is resilient to the Middle East crisis. 6-month expectations have however taken a hit, falling to 19.6 from 31.0, this the lowest since November.
The one month indices show a significant bounce in prices paid, to 51.0 from 36.6, though this is still up only marginally from February’s 49.1. Prices received are little changed at 21.8 from 21.4 in March and 22.2 in February.
6-month price indices are stronger, paid at 61.6 from 43.1 to reach their highest since November, and received at 38.6 from 32.4, this still below February’s 40.3. While energy prices are boosting inflationary pressure a fading of the tariff impact may be having some offset.
Details of the current month breakdown are generally positive, with significant improvements in new orders, employment and the workweek. These three components all slowed in the 6-month breakdown, but not as steeply as did the 6-month headline.
