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Empire Mfg Starts April Surveys With Only Limited Improvement

US DATA
  • The Empire State manufacturing index was lower than expected in April at -14.3 (cons -5) after -20.9, but well within the survey’s usual volatility.
  • A reminder that the standard deviation of the monthly change since 2021 is a huge 23pts.
  • Its ISM equivalent reading increased from 45.5 to 46.0, still firmly in contraction territory but off the particularly weak 39.7 from January.
  • New orders were little changed and still firmly in negative territory (-16.2, +1pt), whilst prices paid increased to 33.7 (+5pts) but there was no sign of the latest passthrough to selling prices with prices received dipping to 16.9 (-0.9pt).
  • Looking ahead, confidence remains far more optimistic than the current situation, but there was an easing here to its lowest since Dec at 16.7 (-4.9pts).
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  • The Empire State manufacturing index was lower than expected in April at -14.3 (cons -5) after -20.9, but well within the survey’s usual volatility.
  • A reminder that the standard deviation of the monthly change since 2021 is a huge 23pts.
  • Its ISM equivalent reading increased from 45.5 to 46.0, still firmly in contraction territory but off the particularly weak 39.7 from January.
  • New orders were little changed and still firmly in negative territory (-16.2, +1pt), whilst prices paid increased to 33.7 (+5pts) but there was no sign of the latest passthrough to selling prices with prices received dipping to 16.9 (-0.9pt).
  • Looking ahead, confidence remains far more optimistic than the current situation, but there was an easing here to its lowest since Dec at 16.7 (-4.9pts).