Economic Report: NY Empire State, Philly Fed factory indexes jump in April


The numbers: Two U.S. regional gauges of manufacturing sentiment showed strength in April, according to data released Thursday.

The Philadelphia Federal Reserve manufacturing index jumped to a reading of 50.2 in April from a revised 44.5 in the prior month. This is highest level in almost 50 years. Economists had expected a reading of 42 after the initial reading for March of 51.8, according to a Wall Street Journal survey of economists.

The New York Federal Reserve’s Empire State Index, meanwhile rose to a reading of 26.3 in April from 17.4 in March, the New York Fed said. That’s the highest reading since October 2017. Economists had expected a reading of 20, according to the Wall Street Journal.

Any reading above zero indicates improving conditions.

What happened: The Philly Fed index is based on a single-stand alone question about business conditions, unlike the Empire survey which are composites based on components. In April, the Philly Fed components were also strong.

Price pressures were evident in both reports. In New York, input prices hit the highest level since 2008 while selling prices hit a record. In Philadelphia, prices slipped only a bit after reaching a 40-year high in March.

General Business conditions 26.3 17.4 50.2 44.5
New orders 26.9 9.1 36 38.2
Shipments 25 21.1 25.3 22
Number of employees 13.9 9.4 30.8 27.4
Prices paid 74.7 64.4 69.1 72.6
Prices received 34.9 24.2 34.5 30.2

Big picture: Manufacturing remains a bright spot in the pandemic. The two regional Fed surveys are used by economists to gauge the strength of the national ISM factory index, which will be released on May 3. Last month, the ISM index jumped to 64.7%, its highest level since December 1983.

Market reaction: U.S. stocks


were set to move higher on Thursday as the economic data, including retail sales and jobless claims, was strong across the board.

Market Snapshot: Dow set to rise as investors brace for crush of earnings, economic data

Previous article

: Tesla self-driving truck rival TuSimple raises more than $1 billion in IPO valuing it at $8.5 billion

Next article

You may also like


Leave a reply

Your email address will not be published. Required fields are marked *

More in News