Skip to comments.New York Fed's April Factory Index Climbs to 36.1
Posted on 04/15/2004 6:56:33 AM PDT by William McKinley
A gauge of manufacturing in New York state rose more than expected this month as companies stepped up hiring to fill increased orders, signaling continued expansion, a Federal Reserve survey showed.
The factory index compiled by the Buffalo branch of the Federal Reserve Bank of New York climbed to 36.1 this month from 25.3 in March. The measure has exceeded zero, showing that a majority of manufacturers said business improved, for 12 straight months...
Economists had predicted an increase in the index to 28.25, based on the median of 38 estimates in a Bloomberg News poll. Projections ranged from 19.5 to 35. Gross domestic product may have expanded at a 4.4 percent annual rate in the first three months, based on the median of 68 estimates in a Bloomberg survey taken March 26 to April 5...
The New York survey gives the first indication of how manufacturers are faring in the current month. Later today, the Fed's Philadelphia bank may report that a similar factory gauge for its region rose to 26.1 in April from 24.2 last month, based on the median of 47 estimates in a Bloomberg News survey of economists.
The New York Fed's gauge of the number of employees more than doubled this month to 19.8 from 9.7 in March. The survey's hiring index for the next six months rose to 29 from 24.7 the previous month.
(Excerpt) Read more at quote.bloomberg.com ...
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