New York manufacturers grow at a slower pace in April
By Paul Wiseman
WASHINGTON, D.C. — Manufacturing in New York state expanded more slowly this month than it did in March, but factory hiring looked strong.
The Federal Reserve Bank of New York says its Empire State Manufacturing Survey fell to 5.2 in April from 16.4 in March and a two-year high 18.7 in February. Still, anything above zero signals growth, and New York factories have been expanding for six straight months.
New orders grew at a slower pace this month. The index that measures hiring climbed to the highest level in more than two years. The Labor Department reported earlier that factories nationwide have added 49,000 jobs from January through March; during the first three months of the year; during the first three months of 2016, they cut 4,000 jobs.