The New York Fed’s April Empire State Manufacturing Survey is out.
The headline index fell to 3.05, below expectations for a 7.00 reading and last month’s 9.24 reading.
Below is a summary of the report, from the release:
The April 2013 Empire State Manufacturing Survey indicates that conditions for New York manufacturers improved slightly.
The general business conditions index fell six points but, at 3.1, remained positive for a third consecutive month. Similarly, the new orders index was lower than last month but still positive, dipping six points to 2.2, and the shipments index fell to 0.8. The indexes for both prices paid and prices received inched higher—a sign that the pace of input and selling price increases had picked up over the month. Employment indexes climbed, showing a modest increase in both employment levels and hours worked. Indexes for the six-month outlook pointed to a moderate degree of optimism about future conditions.
In a series of supplementary questions—previously posed in surveys conducted in April 2012 and earlier—respondents were asked how much difficulty they had experienced finding workers proficient in mathematical, computer, interpersonal, and other workplace skills. As in the earlier surveys, the most widespread difficulties related to the search for workers with advanced computer skills. In addition, a skill set that has reportedly grown harder to find is punctuality and reliability. Responses to other supplemental questions indicated that firms expected wages to rise by roughly 2½ per cent, on average, over the next twelve months, and that, for nearly a third of firms, retaining skilled workers would become increasingly difficult in the year ahead.
NOW WATCH: Money & Markets videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.