The report from the New York Federal Reserve showed on Monday that manufacturing activity in the New York region expanded in April at a slower pace than in March.
According to the survey, NY Fed Empire State manufacturing index stood at 10.10 this month compared to an unrevised 3.70 in March. That was the highest reading since December 2018.
Economists had expected the index to come in at 6.70.
Anything below zero signals contraction.
The new orders index increased five points to 7.5, indicating orders picked up slightly in April. The shipments index rose one point to 8.6, pointing to continued modest growth in shipments. The delivery times and inventories measures also both increased. At the same time, the unfilled orders index was little changed, and the index for number of employees edged down two points to 11.9, but continued to point to ongoing employment gains. On the price front, the prices paid index fell seven points to 27.3 and the prices received index declined four points to 14.0, indicating that both input price increases and selling price increases slowed.