By Ovunc Kutlu
ISTANBUL (AA) - The New York Fed manufacturing index rose sharply in April, rising for the first time in five months, according to a report released Monday.
The Empire State Manufacturing Index, which measures the level of general business conditions in the state of New York, jumped a massive 35.4 points to 10.80 in April, and marked its highest reading since July last year, according to the Federal Reserve Bank of New York.
The market expectation for the index was to come in at -18. The index stood at -24.6 in March after diving into negative territory in December.
Readings above zero indicate improving conditions, while those below show worsening conditions.
"New orders and shipments surged," the New York Fed said in a statement, but noted that both employment and hours worked declined for a third consecutive month.
"Looking ahead, businesses continued to expect little improvement in conditions over the next six months," it added.