After reporting an unexpected slowdown in the pace of growth in New York manufacturing activity in the previous month, the Federal Reserve Bank of New York released a report on Monday showing growth picked up somewhat in April but remained fairly subdued.
Source: www.rttnews.com
The Federal Reserve Bank of New York released a report showing growth picked up somewhat in April but remained fairly subdued. The headline general business conditions index climbed to 10.1 in April beating the consensus estimates of 6.0. The index fell to 3.7 in March. A positive reading indicates growth in regional manufacturing activity. The increase in the general business conditions index can be attributed to the new orders index which rose to 7.5 in April from 3.0 in March and the shipments index (up to 8.6 from 7.7 in March).
