Empire State index slows to 1.3 in April

Empire State index slows to 1.3 in April

The Empire State manufacturing index, the first of the many regional manufacturing gauges to be released, slipped to 1.3 in April from 5.6 in March, the New York Fed said Tuesday. The drop was counter to the MarketWatch-compiled economist forecast of a gain to 8. Any reading above zero indicates improving conditions. The new-orders and inventories components both fell to negative territory from positive ground, while employment indexes showed a modest rise in employment levels and a slight increase in the average workweek. On a more positive note, the index for expected general business conditions advanced five points to 38.2