WASHINGTON (AP) — Factory activity in New York expanded in April at the fastest pace in more than a year, a sign manufacturing may be picking up after a tough 2015.
The New York Federal Reserve’s Empire State manufacturing index jumped to 9.6 in April from 0.6 in the previous month. It was only the second positive reading since July. Any reading above zero indicates growth.
A gauge of new orders rose to 11.1 from 9.6 in the previous month, suggesting output may rise again next month. A measure of shipment slipped.
The results suggest that U.S. factories are improving after getting hammered for months by weak overseas growth and a strong dollar.