Investing.com - The New York Federal Reserve’s index of manufacturing conditions deteriorated unexpectedly in December, remaining in contraction territory for the fifth consecutive month, official data showed on Monday.
In a report, the Federal Reserve Bank of New York said that its general business conditions index declined to minus 8.1 in December from a reading of minus 5.2 in November.
Analysts had expected the index to improve to minus 1.0 in December.
On the index, a reading above 0.0 indicates improving conditions, below indicates worsening conditions.
The new orders index dropped to minus 3.7, while the shipments index declined six points to 8.8.
At 16.1, the prices paid index indicated that input prices continued to rise at a moderate pace, while the prices received index fell five points to 1.1, suggesting that selling prices were flat.
Employment indexes pointed to weaker labor market conditions, with the indexes for both number of employees and the average workweek registering values below zero for a second consecutive month.
Indexes for the six-month outlook were generally higher than last month, although the level of optimism remained at a level well below that seen earlier this year.
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 was little changed against the euro, with EUR/USD trading flat at 1.3163.
Meanwhile, U.S. stock index futures remained higher. The Dow Jones Industrial Average futures pointed to a gain of 0.3% at the open, S&P 500 futures indicated a rise 0.4%, while the Nasdaq 100 futures signaled a 0.3% advance.
In a report, the Federal Reserve Bank of New York said that its general business conditions index declined to minus 8.1 in December from a reading of minus 5.2 in November.
Analysts had expected the index to improve to minus 1.0 in December.
On the index, a reading above 0.0 indicates improving conditions, below indicates worsening conditions.
The new orders index dropped to minus 3.7, while the shipments index declined six points to 8.8.
At 16.1, the prices paid index indicated that input prices continued to rise at a moderate pace, while the prices received index fell five points to 1.1, suggesting that selling prices were flat.
Employment indexes pointed to weaker labor market conditions, with the indexes for both number of employees and the average workweek registering values below zero for a second consecutive month.
Indexes for the six-month outlook were generally higher than last month, although the level of optimism remained at a level well below that seen earlier this year.
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 was little changed against the euro, with EUR/USD trading flat at 1.3163.
Meanwhile, U.S. stock index futures remained higher. The Dow Jones Industrial Average futures pointed to a gain of 0.3% at the open, S&P 500 futures indicated a rise 0.4%, while the Nasdaq 100 futures signaled a 0.3% advance.