Investing.com – The New York Federal Reserve’s index of manufacturing conditions improved less-than-expected in October, remaining in negative 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 improved by 0.3 points to minus 8.5 in October from minus 8.8 in September.
Analysts had expected the index to improve to minus 4.0 in October.
On the index, a reading above 0.0 indicates improving conditions, below indicates worsening conditions.
The new orders index hovered around zero, indicating that orders were flat, while the shipments index rose above zero to 5.3.
The indexes for both prices paid and prices received fell, but remained positive, suggesting that price increases moderated.
The index for number of employees rose several points but was at a relatively low level of 3.4, while the average workweek index was negative for a fifth consecutive month.
The future general business conditions index dropped six points to 6.7, its lowest level since early 2009.
Following the release of the data the U.S. dollar added to gains against the euro, with EUR/USD slumping 0.72% to trade at 1.3782.
Meanwhile, U.S. stock index futures remained lower following the data. The Dow Jones Industrial Average futures indicated a loss of 0.15%, S&P 500 futures edged 0.17% lower, while the Nasdaq 100 futures shed 0.35%.
In a report, the Federal Reserve Bank of New York said that its general business conditions index improved by 0.3 points to minus 8.5 in October from minus 8.8 in September.
Analysts had expected the index to improve to minus 4.0 in October.
On the index, a reading above 0.0 indicates improving conditions, below indicates worsening conditions.
The new orders index hovered around zero, indicating that orders were flat, while the shipments index rose above zero to 5.3.
The indexes for both prices paid and prices received fell, but remained positive, suggesting that price increases moderated.
The index for number of employees rose several points but was at a relatively low level of 3.4, while the average workweek index was negative for a fifth consecutive month.
The future general business conditions index dropped six points to 6.7, its lowest level since early 2009.
Following the release of the data the U.S. dollar added to gains against the euro, with EUR/USD slumping 0.72% to trade at 1.3782.
Meanwhile, U.S. stock index futures remained lower following the data. The Dow Jones Industrial Average futures indicated a loss of 0.15%, S&P 500 futures edged 0.17% lower, while the Nasdaq 100 futures shed 0.35%.