Empire State manufacturing index declines to minus 7.8
Investing.com
Published Jan 15, 2013 08:40AM ET
In a report, the Federal Reserve Bank of New York said that its general business conditions index declined to minus 7.8 in January from a reading of minus 7.3 in December.
Analysts had expected the index to improve to 2.0 in January.
On the index, a reading above 0.0 indicates improving conditions, below indicates worsening conditions.
The new orders index fell four points to -7.2, and the shipments index declined a full fifteen points to -3.1.
Labor market conditions remained weak, with the indexes for both the number of employees and the average workweek remaining below zero for a fourth month in a row.
The level of optimism about the six-month outlook rose somewhat from December, but remained low compared with levels in early 2012.
The Empire State index is of interest to traders primarily because it is seen as an early forecast of the national Institute for Supply management factory survey.
Following the release of the data, the U.S. dollar held on to gains against the euro, with EUR/USD dipping 0.42% to trade at 1.3326.
Meanwhile, U.S. stock future indices remained lower. The Dow Jones Industrial Average futures pointed to a loss of 0.3% at the open, S&P 500 futures pointed to a drop of 0.4%, while the Nasdaq 100 futures pointed to a decline of 0.3%.
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Written By: Investing.com
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