WASHINGTON (AP) - An April survey of manufacturing executives in New York state is expected to show that the region's industrial economy recovered from a record low set in March.
Wall Street economists expect the New York Federal Reserve Bank's Empire State index to register negative 16, up from negative 22.2 in March, according to Thomson/IFR.
March's reading broke a previous record low of negative 19.6, set in November 2001.
The survey, to be released Tuesday at 8:30 a.m. EDT, is based on questionnaires sent to 200 manufacturing executives in the state. A figure below zero indicates the state's manufacturing sector is contracting, while a number above zero indicates growth.
A reading of negative 16 would be the third consecutive survey to show decline.
Still, other figures in the March survey weren't as bad as the main survey number, known as the business conditions index, said Drew Matus, senior economist at Lehman Brothers, in a note to clients. Indices of new orders and employment showed improvement in March, making it likely that April's figure will improve, Matus wrote.
The New York Fed's survey is the first of several monthly regional indices that the markets monitor for early reads on economic activity. The Philadelphia Fed is scheduled to release its index Thursday, while a Chicago purchasing manager's index is scheduled for April 30.
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