Investing.com - The New York Federal Reserve’s index of manufacturing conditions improved more-than-expected in June, hitting a three-month high, official data showed on Monday.
In a report, the Federal Reserve Bank of New York said that its general business conditions index rose to 7.8 in June from a reading of minus 1.4 in May.
Analysts had expected the index to improve to minus 0.5 in June.
On the index, a reading above 0.0 indicates improving conditions, below indicates worsening conditions.
Nevertheless, most other indicators in the survey fell. The new orders index slipped six points to minus 6.7, while the shipments index fell 12.0 points to minus 11.8.
Labor market conditions worsened, with the index for number of employees dropping to zero and the average workweek index retreating 10.0 points to minus 11.3.
Continuing the trend seen in the past few months, indexes for the six-month outlook declined, suggesting that optimism about future conditions was weakening further.
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 held on to modest gains against the euro, with EUR/USD dipping 0.06% to trade at 1.3335.
Meanwhile, U.S. stock future indices remained higher. The Dow Jones Industrial Average futures pointed to a gain of 0.7% at the open, S&P 500 futures pointed to a rise of 0.8%, while the Nasdaq 100 futures pointed to an increase of 0.9%.
In a report, the Federal Reserve Bank of New York said that its general business conditions index rose to 7.8 in June from a reading of minus 1.4 in May.
Analysts had expected the index to improve to minus 0.5 in June.
On the index, a reading above 0.0 indicates improving conditions, below indicates worsening conditions.
Nevertheless, most other indicators in the survey fell. The new orders index slipped six points to minus 6.7, while the shipments index fell 12.0 points to minus 11.8.
Labor market conditions worsened, with the index for number of employees dropping to zero and the average workweek index retreating 10.0 points to minus 11.3.
Continuing the trend seen in the past few months, indexes for the six-month outlook declined, suggesting that optimism about future conditions was weakening further.
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 held on to modest gains against the euro, with EUR/USD dipping 0.06% to trade at 1.3335.
Meanwhile, U.S. stock future indices remained higher. The Dow Jones Industrial Average futures pointed to a gain of 0.7% at the open, S&P 500 futures pointed to a rise of 0.8%, while the Nasdaq 100 futures pointed to an increase of 0.9%.