New York manufacturing activity grew strongly in the month of April, the Federal Reserve Bank of New York revealed in a report on Thursday.

The New York Fed said its general business conditions index climbed to 26.3 in April from 17.4 in March, with a positive reading indicating growth in regional manufacturing activity. Economists had expected the index to inch up to 19.5.

With the much bigger than expected increase, the general business conditions index reached its highest level since hitting 26.6 in October of 2017.

The jump by the headline index was partly due to a substantial acceleration in the pace of growth in new orders, as the new orders index spiked to 26.9 in April from 9.1 in March.

The report said the shipments index also rose to 25.0 in April from 21.1 in March, while the number of employees index advanced to 13.9 from 9.4.

On the inflation front, the prices paid index jumped to 74.7 in April from 64.4 in March, reaching its highest level since July of 2008.

The prices received index also surged up to a record high 34.9 in April from 24.2 in March, indicating that selling prices increased at the fastest pace in more than twenty years.

Looking ahead, the New York Fed said firms remained optimistic that conditions would improve over the next six months.

The index for future business conditions rose to 39.8 in April from 36.4 in March, with firms expecting significant increases in employment and prices.

A separate report from the Philadelphia Federal Reserve showed an unexpected acceleration in the pace of growth in regional manufacturing activity in the month of April.

The Philly Fed said its index for current manufacturing activity rose to 50.2 in April from a downwardly revised 44.5 in March.

The increase surprised economists, who had expected the index to drop to 42.0 from the 51.8 originally reported for the previous month.

The material has been provided by InstaForex Company –

Leave your vote

🚀If you want to get a Forex Robot Coded as per your trading strategy but are unable to do so because of the high price for the Robot then you can take advantage of the CROWD FUNDING campaigns feature. ✔ These are some crowd funding campaigns for Forex Robots, which when completed can provide the very same Forex Robot to the participants at an average price of $5-$10 per participant. ✔ You either participate in one of the already listed campaigns or send us your Forex strategy : Submit Crowd Funding Campaign , for which you would like the Forex Robot to be coded. A Crowd Funding Campaign would then be started for the same . ✔ All you have to do later on is to share the campaign online with your friends to encourage more people to participate in the campaign.

As a result, each participant can get that Forex robot for just a campaign contribution of $5 (which is the minimum). Participants can back the campaign by anything above or equal to $5 to reach the funding goal to close the campaign.