Investing.com - The New York Federal Reserve’s index of manufacturing conditions deteriorated unexpectedly in August, official data showed on Thursday.
In a report, the Federal Reserve Bank of New York said that its general business conditions index fell to 8.2 in August from a reading of 9.5 in July.
Analysts had expected the index to rise to 10.0 in August.
On the index, a reading above 0.0 indicates improving conditions, below indicates worsening conditions.
The new orders index slipped four points to 0.3 and the shipments index fell seven points to 1.5, suggesting that both orders and shipments were flat.
Labor market conditions improved, with the index for number of employees climbing eight points to 10.8 and the average workweek index rising twelve points to 4.8.
Indexes for the six-month outlook generally pointed to strong optimism about future business activity; the future general business conditions index rose five points to 37.4, its highest level in more than a 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 turned higher against the euro, with EUR/USD shedding 0.14% to trade at 1.3237.
Meanwhile, the outlook for U.S. equity markets added to losses. The Dow Jones Industrial Average futures indicated a loss of 0.8% at the open, S&P 500 futures pointed to a decline of 0.8% and Nasdaq 100 futures indicated a drop of 1%.
In a report, the Federal Reserve Bank of New York said that its general business conditions index fell to 8.2 in August from a reading of 9.5 in July.
Analysts had expected the index to rise to 10.0 in August.
On the index, a reading above 0.0 indicates improving conditions, below indicates worsening conditions.
The new orders index slipped four points to 0.3 and the shipments index fell seven points to 1.5, suggesting that both orders and shipments were flat.
Labor market conditions improved, with the index for number of employees climbing eight points to 10.8 and the average workweek index rising twelve points to 4.8.
Indexes for the six-month outlook generally pointed to strong optimism about future business activity; the future general business conditions index rose five points to 37.4, its highest level in more than a 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 turned higher against the euro, with EUR/USD shedding 0.14% to trade at 1.3237.
Meanwhile, the outlook for U.S. equity markets added to losses. The Dow Jones Industrial Average futures indicated a loss of 0.8% at the open, S&P 500 futures pointed to a decline of 0.8% and Nasdaq 100 futures indicated a drop of 1%.