Editor’s Note: Updating earlier story with more details from report.
(Kitco News) – The general business conditions index in the Empire State manufacturing survey fell to a reading of 15.8 in April from 22.5 in March, the New York Federal Reserve said Monday.
Going into the report, consensus expectations compiled by various news organizations had been for a reading of 18.2 to 18.6.
Positive readings in such diffusion indexes mean economic growth continues, although the smaller figure means that growth is occurring at a slower rate.
Meanwhile, the index for new orders fell to 9.0 in April from 16.8 the month before, while the shipments index slipped to 17.5 from 27.0.
Both inflation readings also dipped although the report also described them as “elevated.” The reading for prices paid fell to 47.4 from 50.3, while the index for prices received eased to 20.7 from 22.4.
Changes were mixed for the employment readings. The index for number of employees fell to 6.0 from 9.4. However, the index for average work week climbed to 16.9 from 5.9.
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