Investing.com - The New York Federal Reserve’s index of manufacturing conditions deteriorated to the lowest level in five months in October, official data showed on Tuesday.
In a report, the Federal Reserve Bank of New York said that its general business conditions index fell to 1.52 in October from a reading of 6.29 in September.
Analysts had expected the index to rise to 7.0 this month.
On the index, a reading above 0.0 indicates improving conditions, below indicates worsening conditions.
The new orders index rose five points to 7.8 and the shipments index fell three points to 13.1, suggesting that both orders and shipments increased modestly over the month.
Labor market conditions were also steady, with the index for number of employees falling four points to 3.6 and the average workweek index inching up to 3.6.
Indexes for the six-month outlook continued to convey a strong degree of optimism about future business 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.
Following the release of the data, the U.S. dollar remained higher against the euro, with EUR/USD shedding 0.51% to trade at 1.3493.
Meanwhile, the outlook for U.S. equity markets was modestly lower. The Dow Jones Industrial Average futures indicated a loss of 0.1% at the open, S&P 500 futures pointed to a drop of 0.2% and Nasdaq 100 futures indicated a flat open.
In a report, the Federal Reserve Bank of New York said that its general business conditions index fell to 1.52 in October from a reading of 6.29 in September.
Analysts had expected the index to rise to 7.0 this month.
On the index, a reading above 0.0 indicates improving conditions, below indicates worsening conditions.
The new orders index rose five points to 7.8 and the shipments index fell three points to 13.1, suggesting that both orders and shipments increased modestly over the month.
Labor market conditions were also steady, with the index for number of employees falling four points to 3.6 and the average workweek index inching up to 3.6.
Indexes for the six-month outlook continued to convey a strong degree of optimism about future business 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.
Following the release of the data, the U.S. dollar remained higher against the euro, with EUR/USD shedding 0.51% to trade at 1.3493.
Meanwhile, the outlook for U.S. equity markets was modestly lower. The Dow Jones Industrial Average futures indicated a loss of 0.1% at the open, S&P 500 futures pointed to a drop of 0.2% and Nasdaq 100 futures indicated a flat open.