Manufacturing Index Falls Sharply
New York manufacturing activity slowed sharply in April although employment data improved, according to the Federal Reserve Bank of New York'sEmpire State Manufacturing Survey released Monday.
The weak number will increase debate whether the U.S. recovery is in trouble.
The Empire State's business conditions index fell to 6.56 this month from 20.21 in March.
Economists surveyed by Dow Jones Newswires had expected the index to drop only to 17.50.
The Empire subindexes remained positive but many weakened in April.
The new orders index fell to 6.48 this month from 6.84 in March. The shipments index declined to only 6.41 from 18.21.
Labor conditions were mixed. The employment index increased to 19.28 from 13.58, but the workweek index fell to 6.02 from 18.52.