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The Federal Reserve's Fifth District manufacturing index rose by 3 points in April 2026 to a reading of 3, defying market expectations for a contraction of -5 and marking the first improvement since February of the previous year. The result was consistent with other leading indicators for the period, suggesting that the goods-producing sector is demonstrating resilience in the face of surging energy costs and supply chain disruptions stemming from the war in the Middle East. The new orders index advanced further (8 vs. 4 in March), even as shipments remained slightly negative and unchanged (-2). At the same time, local business conditions improved markedly (10 vs. -5), prompting firms to stabilize employment (0 vs. -2), ending a recent decline in headcounts. Input price pressures continued to build (prices paid rose to 6.4 from 6.11), while output price growth moderated (prices received eased to 4.73 from 4.85). Looking ahead, firms reported a softer outlook for shipments (21 vs. 26) and new orders (26 vs. 30).
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