The Day at a Glance | April 17 2023

*The Empire State manufacturing index reached a 9-month high in April. 

*The Bank of Japan`s new Governor, Kazuo Ueda, withdrew his plan to maintain a loose stance with low interest rates. 

*Results of the Bloomberg survey of forecasts for the Eurozone showed a marginal improvement in the outlook or growth, anticipating an annual 0.6% expansion in GDP during 2023 from a previous estimate of 0.5%, as well as 0.0% growth in the 1Q23 from the previous estimate of -0.1%. 

Economic environment

The New York Federal Reserve`s manufacturing index, known as the Empire State index, returned to positive territory in April for the first time since November 2022 with 10.8 point figure, the most favorable figure since July of last year.  This 35-point improvement from the previous month was mainly boosted by the orders sub-index, which recorded a 46.8 point increase to 25.1 points; along with a 37-point increase in the shipments component. Additionally, the prices paid sub-index fell -9 points, indicating moderation in input costs, while the component that captures employment behavior in the region indicated that the number of employees decreased for the third consecutive month. Lastly, the outlook for the next six months improved slightly.