The Federal Reserve Bank of New York’s general economic index showed a rise to 21.7 in April from 17.5 in March. Economists had actually expected a decline in activity, with the median estimate for the index to report at 15.5. The so-called Empire State Index covers New York, northern New Jersey, and southern Connecticut, and measures manufacturing strength in the region. Gauges measuring orders, sales, and employment all improved this month, sign American companies are benefiting from increased business investment and the continued strong growth in developing economies. A measure of factory employment rose to 23.1, reaching its highest level since May of 2004, up from 9.1. The measure of new orders climbed to a yearly high of 22.3 from 5.8, and a measure of factory shipments jumped to 28.3 from 1.6. Prices also increased, with the index for raw material costs increasing to 57.7, the highest since August of 2008, from 53.3 in March, and the index for prices received rising to 26.9 from 20.8.
