Business activity continued to grow but at a slower pace, according to the latest Empire State Manufacturing Survey from the Federal Reserve Bank of New York.
The headline general business conditions index fell eleven points to 5.2. The new orders index, which had climbed to a multiyear high in March, retreated sharply to 7.0 in April, suggesting more modest growth. The shipments index edged up to 13.7, indicating that shipments continued to increase moderately. The unfilled orders index edged down to 12.4, after reaching its highest level in more than a decade in March; however, delivery times lengthened further, with that index climbing to a record high of 16.1.