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After the long weekend, some disappointing news. A gauge of New York manufacturing cooled even though factory hiring remained strong.

The empire manufacturing index fell to 5.2 in April, from 16.4 the previous month, according to a monthly survey by the New York Federal Reserve on Monday. That was the lowest level since November and the reading was also missed economists’ estimates of 15.

A new orders sub-index retreated by 14 points indicating that orders continued to expand at a much subdued pace. Meanwhile, the employment indexes signalled strength in the labour market.

The data comes as broader US manufacturing cooled modestly last month slipping off its highest level since 2014. Manufacturing continues to recover as

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