- Prior month -20.00
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- Empire manufacturing index for April from the New York Fed -8.10 versus -14.50 estimate.
- New orders -8.8 versus -14.9 last month
- Prices Paid 50.8 versus 44.9 last month.
- Prices received 28.7 versus 22.4
- Shipments -2.9 versus -8.5 last month
- Employment -2.6 versus -4.1 last month
- average workweek -9.1 versus -2.5 was month
- Unfilled orders 4.1 versus -2.1 last month.
- Delivery time 0.0 versus 1.0 last month.
- Inventories 7.4 versus 13.3 last month
Six-month forward :
- Business condition index -7.4 versus +12.7 last month
The New York Fed reported a sharp deterioration in business sentiment, with firms increasingly pessimistic about the months ahead—a level of concern seen only rarely in the survey’s history. The index for future general business conditions dropped twenty points to -7.4, marking a cumulative decline of forty-four points over the past three months. Firms expect new orders and shipments to decline modestly, and capital spending plans remained flat. Meanwhile, both input and selling prices are anticipated to rise, and supply availability is projected to worsen over the next six months.
- New orders -6.6 versus 15.5 last month.
- Shipments -120 versus 23.0 last month
- Number of employees 3.4 versus 8.2 last month.
- Average employee workweek -4.1 versus 8.2 last month.
- Capital expenditures will .6 versus 9.2 last month
- Prices paid 65.6 versus 50.2 last month.
- Prices received 45.9 versus 38.8 last month
Although the overall index is not signalling trouble yet, the forward guide is not looking great as it moves below 2020 levels. Having said that in 2022, the index also moved below the 0 level on two separate dips. Nevertheless, it is something to monitor.
This article was written by Greg Michalowski at www.forexlive.com.