Investing.com – The New York Federal Reserves index of manufacturing conditions tumbled more-than-expected in November, official data showed on Monday.
In a report, the Federal Reserves Bank of New York said that its general business conditions index fell to -11.1 in November, after rising to 15.7 in October.
Analysts had expected the index to decline to 11.7 in November.
On the index, a reading above 0.0 indicates improving conditions, below indicates worsening conditions.
The report said for the first time since mid-2009, the general business conditions index fell below zero, while the new orders index plummeted 37 points to -24.4.
However, future indexes generally climbed, suggesting that conditions were expected to improve in the months ahead, although the capital spending and technology spending indexes inched lower.
Following the release of the data the U.S. dollar was up against the euro, with EUR/USD shedding 0.40% to hit 1.3637.
Meanwhile, U.S. futures indexes pointed to a higher open: the Dow Jones Industrial Average futures indicated a rise of 0.25%, S&P 500 futures pointed to an increase of 0.44% and Nasdaq 100 futures indicated a gain of 0.53%.
In a report, the Federal Reserves Bank of New York said that its general business conditions index fell to -11.1 in November, after rising to 15.7 in October.
Analysts had expected the index to decline to 11.7 in November.
On the index, a reading above 0.0 indicates improving conditions, below indicates worsening conditions.
The report said for the first time since mid-2009, the general business conditions index fell below zero, while the new orders index plummeted 37 points to -24.4.
However, future indexes generally climbed, suggesting that conditions were expected to improve in the months ahead, although the capital spending and technology spending indexes inched lower.
Following the release of the data the U.S. dollar was up against the euro, with EUR/USD shedding 0.40% to hit 1.3637.
Meanwhile, U.S. futures indexes pointed to a higher open: the Dow Jones Industrial Average futures indicated a rise of 0.25%, S&P 500 futures pointed to an increase of 0.44% and Nasdaq 100 futures indicated a gain of 0.53%.