New York Manufacturing Slumps in April; Empire State Index Shows Ongoing Contraction Despite Slight Rise

• Manufacturing activity in New York region remained weak in April, missing expectations • Empire State index rose slightly to -14.3, but still showed contraction • Broad-based weakness seen across metrics like new orders, shipments, employment • Inflation pressures picked up slightly, as seen in rising prices paid index
• Rising inflation seen as negative for gold as it could delay Fed rate cuts