Empire State manufacturing index drops unexpectedly
Investing.com
Published Sep 15, 2011 08:43AM ET
In a report, the Federal Reserve Bank of New York said that its general business conditions index fell by 1.1 points to minus 8.8 in September from minus 7.7 in August.
Analysts had expected the index to improve to minus 4.0 in September.
On the index, a reading above 0.0 indicates improving conditions, below indicates worsening conditions.
The new orders index held steady at -8.0, while the shipments index dropped sixteen points to -12.9.
After dropping significantly over the summer, the indexes for both prices paid and prices received climbed several points, suggesting that the pace of price increases picked up.
Employment indexes were below zero, indicating that employment levels and hours worked fell over the month.
Following the release of the data the U.S. dollar remained lower against the euro, with EUR/USD gaining 0.32% to trade at 1.3799.
Meanwhile, U.S. stock index futures held on to gains following the data.
The Dow Jones Industrial Average futures indicated a gain of 0.4%, S&P 500 futures edged 0.45% higher, while the Nasdaq 100 futures added 0.6%.
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Written By: Investing.com
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