Empire State manufacturing index falls to 6.9 in March
Investing.com
Published Mar 16, 2015 08:31AM ET
Empire State manufacturing index falls unexpectedly in March
Investing.com - The New York Federal Reserve’s index of manufacturing conditions improved at a weaker rate than expected in March, adding to concerns over the strength of the economy, official data showed on Monday.
In a report, the Federal Reserve Bank of New York said that its general business conditions index decreased to 6.9 this month from a reading of 7.8 in February. Analysts had expected the index to inch up to 8.0 in March.
The new orders index fell four points to -2.4, pointing to a small decline in orders, and the shipments index declined six points to 7.9.
Labor market indicators pointed to a solid increase in employment levels and a lengthening in the average workweek.
Pricing pressures remained subdued, with the prices paid index inching down two points to 12.4, and the prices received index at 8.3.
As in February, indexes for the six-month outlook conveyed less optimism than in many of the preceding months, and the capital spending and technology spending indexes declined.
On the index, a reading above 0.0 indicates improving conditions, below indicates worsening conditions.
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.
EUR/USD was trading at 1.0550 from around 1.0541 ahead of the release of the data, GBP/USD was at 1.4794 from 1.4788 earlier, while USD/JPY was at 121.28 from 121.27 earlier.
The US dollar index, which tracks the greenback against a basket of six major rivals, was at 100.19, compared to 100.25 ahead of the report.
Meanwhile, U.S. stock futures pointed to a higher open. The Dow futures pointed to a gain of 0.45% at the open, the S&P 500 futures rose 0.5%, while the Nasdaq 100 futures tacked on 0.4%.
Elsewhere, in the commodities market, gold futures traded at $1,154.90 a troy ounce, compared to $1,154.70 ahead of the data, while crude oil traded at $46.44 a barrel from $46.48 earlier.
Get The News You Want
Written By: Investing.com
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.