By Kimberly Chin
New York manufacturers reported a modest pickup in April as optimism wanes over future activity for the next six months.
The Empire State Manufacturing Survey's general business conditions index, compiled by the Federal Reserve Bank of New York, rose six points to 10.1 in April from the prior month. A positive index reading means activity is expanding.
Economists polled by The Wall Street Journal expected an index reading of 5.3.
The New York Fed said 33% of respondents reported business conditions improved from a month earlier while 23% said they had worsened.
However, manufacturers were moderately optimistic about the coming months as the index for future business conditions fell to its lowest level in more than three years to 12.4, declining 17 points from the prior month.
The new orders index rose 4.5 points from a month ago to 7.5 in April. Meanwhile, hiring growth fell to 11.9, from 13.8 in March.
Write to Kimberly Chin at email@example.com