Philly Fed index jumps unexpectedly in April, price pressures pick up

Manufacturing sector conditions in the U.S. mid-Atlantic region improved unexpectedly in April, the results of a closely-followed survey revealed.

The Federal Reserve Bank of Philadelphia's factory sector index rose from 3.2 in March to 15.5 in April (consensus: 1.5).

A key sub-index tracking new orders improved from 5.4 to 12.2, while that for shipments jumped from 11.4 to 19.1.

Price pressures also picked up, with sub-index linked to the prices paid by companies strengthening from 3.7 to 23.0.

Subindices for staffing levels and the length of the average employee work week however both slipped.

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