Photo: Christopher Furlong/Getty Images
UPDATE:A key index measuring manufacturing activity in the Midwest fell below expectations, new data out of the Federal Reserve Bank of Kansas City shows.
The main index declined for the second month in a row, falling to 3 in April from 9 a month earlier.
Economists had forecast a slight decline to 7. A reading above zero indicates expansion.
“Factories in our region report continued growth, especially in employment, but at somewhat slower rates than in previous months, when unseasonably warm weather may have helped boost activity,” Chad Wilkerson, vice president and economist at the Federal Reserve Bank of Kansas City, said. Expectations for the rest of the year notched down a bit as well, but remained positive.”
Employment in the region was relatively unchanged, with 28 per cent of employers increasing payrolls and 17 per cent reducing headcount. The index measuring employment remained at 12.
Below, the full report.
Photo: Federal Reserve Bank of Kansas City
The Federal Reserve Bank of Kansas City is minutes away from releasing its monthly survey of manufacturers, a key gauge of activity in the Midwest.
Economists polled by Bloomberg forecast the main index monitoring business in the tenth federal district will decline two points to 7 in April. The report covers Colorado, Kansas, Nebraska, Oklahoma, Wyoming, northern New Mexico, and western Missouri.
Although manufacturing reports were mostly mixed in March, a report on Tuesday from the Federal Reserve Bank of Richmond largely surprised economists.
The Fifth District saw substantial improvement, gaining to 14 in April from 7 the month earlier.
The announcement is scheduled for release at 10:00 a.m. Follow it live here >