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Philly Fed Manufacturing Index down to 22.0

The index for current manufacturing activity in the region decreased from a reading of 32.8 in March to 22.0 this month. The index has been positive for nine consecutive months and remains at a relatively high reading but has moved down the past two months. Thirty-seven percent of the firms indicated increases in activity in April, while 15 percent reported decreases.

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Unemployment Claims increased to 244,000

In the week ending April 15, the advance figure for seasonally adjusted initial claims was 244,000, an increase of 10,000 from the previous week's unrevised level of 234,000. The 4-week moving average was 243,000, a decrease of 4,250 from the previous week's unrevised average of 247,250. The advance seasonally adjusted insured unemployment rate was 1.4 percent for the week ending April 8, a decrease of 0.1 percentage point from the previous week's unrevised rate.

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US Industrial Production rose by 0.5%

Industrial production increased 0.5 percent in March after moving up 0.1 percent in February. The increase in March was more than accounted for by a jump of 8.6 percent in the output of utilities—the largest in the history of the index—as the demand for heating returned to seasonal norms after being suppressed by unusually warm weather in February. Manufacturing output fell 0.4 percent in March, led by a large step-down in the production of motor vehicles and parts; factory output aside from motor vehicles and parts moved down 0.2 percent.

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Building Permits in line with market forecasts

New-home construction in the U.S. cooled in March to a four-month low as starts of single-family properties settled back from the strongest pace in almost a decade, Commerce Department data showed Tuesday.

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