The numbers: Factory production in New York state picked up somewhat in April but remained “fairly subdued.” The New York Fed’s Empire State business conditions index rebounded to a reading of 10.1 from a nearly two-year low of 3.7 in March. Economists had expected a reading of 10, according to a survey by Econoday.
Any reading above zero indicates improving conditions.
What happened: The new-orders index rose 4.5 points to 7.5 in April, while shipments inched up 0.9 points to 8.6. Inventory levels picked up while inflation pressures cooled. Optimism about the longer-term waned in April. The index for future business conditions dropped 17 points to 12.4 in April, its lowest level in more than three years.
Big picture: Manufacturing has struggled this year, in part because of a slowdown in manufacturing in China. The Empire State index has averaged 6.6 this year, down from 19.8 in 2018.
Market reaction: U.S. stock index futures YMM9, -0.02% were little changed Monday after earnings from Goldman Sachs Group Inc and Citigroup Inc. On Friday the Dow Jones Industrial Average DJIA, +1.03% gained 269 points.