U.S. Empire state manufacturing index bounced 4.3 points to 20.1 in May
U.S. Empire state manufacturing index bounced 4.3 points to 20.1 in May, better than expected, after falling 6.7 points to 15.8 in April. It's above the 18.1 six-month average, and well above the 3.0 from a year ago after a weak start to 2017. The employment component inched up to 8.7 from 6.0, but is below the 10.3 six-month average, with the workweek at 11.1 from 16.9. New orders climbed to 16.0 from 9.0. Prices paid jumped to 54.0 from 47.4 and prices received increased to 23.0 from 20.7. The 6-month general business index surged to 31.1 from 18.3. The future employment reading was 20.8 from 13.1, with the workweek at 4.3 from 3.7, while new orders were 33.7 from 18.5. The 6-month price indicators dipped with the prices paid outlook slipping to 54.0 from 54.8, with prices received at 29.5 from 31.1. This is a solid report that supports our outlook for an acceleration in Q2 growth.