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Investing.com -- New York state factory activity expanded in April at the strongest pace in five months, according to data released Wednesday by the Federal Reserve Bank of New York.
The general business conditions index increased by 11.2 points to 11, indicating expansion. The survey showed the strongest growth in orders and shipments since 2023.
The outlook for business conditions over the next six months fell to a five-month low. A measure of expected input prices jumped 18.5 points to 61.6, the largest increase since 2011, as the conflict in the Middle East drove up the cost of oil and other industrial materials. An index of the outlook for prices received also increased, but moderately.
The Fed bank’s measure of current factory employment increased to the highest level since the end of 2022, while hours worked expanded at the strongest pace since 2021. Firms’ expectations for employment and capital expenditures worsened.
The survey responses were collected between April 2 and April 9.
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