The Federal Reserve Bank of NY’s Empire State Manufacturing Survey jumped over +36 points, its biggest move since June 2020, to 24.6, its highest level of the year. The result signals a strong return to growth for NYS manufacturers in April after a negative reading of -11.8 in March (a reading above 0.0 is consistent with growth). The results were tempered by a significant drop in manufacturing confidence as the six-month outlook fell over -21 points to 15.2, its lowest level since April 2020 at the height of the first Covid wave. At the same time, inflation remains strong as Prices Paid and Prices Received remained near all-time highs. See the full report here.