New York Manufacturing Activity Continues Contraction In April

Manufacturing activity in the US state of New York continued to contract in April, according to a report released on Monday.

The Empire State Manufacturing Index, which measures the level of general business conditions in the state of New York, rose seven points but stood at -14.3. according to the Federal Reserve Bank of New York.

Readings above zero indicate improving conditions, while those below show worsening conditions.

The market expectation for the index was to come in at -5.2.

The index plummeted 29 points to -43.7 in January, hitting its lowest level since May 2020.

"New orders and shipments both declined significantly, and unfilled orders continued to shrink," the New York Fed said in a statement. "Though firms expect conditions to improve over the next six months, optimism remained subdued." -