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New York manufacturing picks up in April

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New York manufacturing picks up in April

New York Fed survey misses expectations.

Manufacturing activity in New York grew less than expected in April, according to the results of the New York Fed’s monthly survey of manufacturers.  This followed three straight months of decline.

The General Business Conditions index rose to 3.1 during the month, following a -1.19 reading in March.

Analysts had expected an increase to 5.0.

The New Orders index rose 10 points to 3.9, while the shipments index was little changed at 14.9.

The employment picture was mixed, with a slight improvement in hiring offset by a decrease in the average workweek. 

The prices paid index fell ten points to 9.4, its lowest level in nearly three years, and the prices received index edged down to 1.0, indicating that selling prices were flat. The index for future general business conditions fell noticeably, reflecting a positive but less favorable outlook than in April.

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