The Empire Manufacturing Index came out at 21.70, on expectations of 17.00, reversing the recent downward trend seen in other diffusion indices. The full release is here. The only chart, however, that matters is the following: Prices Paid.
From the report:
Price Increases Continue to Pick Up
Price increases continued to accelerate in April. The prices paid index moved higher for a fifth month in a row, increasing 4 points to 57.7, with 60 percent of respondents reporting higher prices over the month. The prices received index advanced 6 points, to 26.9, its highest level since mid-2008. Employment indexes were positive, indicating that employment levels and hours worked rose. The index for number of employees climbed an impressive 14 points to 23.1, and the average workweek index fell 5 points to 10.3.