Manufacturing in New York Returns to Growth in April Despite Employment Decline: Empire State Survey

By Le Figaro with AFP

Published on 04/17/2023 at 2:39 p.m.update on 04/17/2023 at 14:57

Manufacturing activity in the highly industrialized region of New York exceeded expectations and returned to growth in April for the first time in five months, thanks to an increase in new orders, but employment is still falling.

The index measuring the evolution of this activity rose by 35 points, to settle at 10.8 points, according to the monthly Empire State survey, published Monday by the New York branch of the American central bank (Fed ) and carried out with industrialists in the region. This surprised analysts who were anticipating a fifth month of contraction in a row and expected an index at -19.0 points, according to the consensus of Briefing.com.

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In detail, the New York Fed states that “new orders and shipments surged“, while “delivery times remained stable and stocks increased». «Despite the increase in activity, employment and hours worked fell for a third consecutive month“, is it however indicated.

As for the prices of spare parts and raw materials, their rise moderated, following the evolution of inflation. The selling prices have themincreased at the same rate as last month“. And companies remain less optimistic, and still expect “little improvement in conditions over the next six months».