Investing.com - The New York Federal Reserve’s index of manufacturing conditions improved less-than-expected in October, remaining in contraction territory for the third 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 to minus 6.2 in October from a reading of minus 10.4 in September.
Analysts had expected the index to improve to minus 4.5 in October.
On the index, a reading above 0.0 indicates improving conditions, below indicates worsening conditions.
The new orders index rose five points to minus 9.0, while the shipments index fell nine points to minus 6.4, its first negative reading in more than a year.
The prices paid index was little changed at 17.2, and the prices received index held steady at 4.3.
Employment conditions weakened, with the index for number of employees declining five points to minus 1.1 and the average workweek index falling three points to minus 4.3.
Indexes for the six-month outlook suggested that conditions were expected to improve, although the level of optimism among manufacturers remained low relative to 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 held on to modest losses against the euro, with EUR/USD adding 0.1% to trade at 1.2966.
Meanwhile, U.S. stock future indices added to gains. The Dow Jones Industrial Average futures pointed to a gain of 0.45% at the open, S&P 500 futures pointed to a rise of 0.6%, while the Nasdaq 100 futures pointed to a gain of 0.7%.
In a report, the Federal Reserve Bank of New York said that its general business conditions index improved to minus 6.2 in October from a reading of minus 10.4 in September.
Analysts had expected the index to improve to minus 4.5 in October.
On the index, a reading above 0.0 indicates improving conditions, below indicates worsening conditions.
The new orders index rose five points to minus 9.0, while the shipments index fell nine points to minus 6.4, its first negative reading in more than a year.
The prices paid index was little changed at 17.2, and the prices received index held steady at 4.3.
Employment conditions weakened, with the index for number of employees declining five points to minus 1.1 and the average workweek index falling three points to minus 4.3.
Indexes for the six-month outlook suggested that conditions were expected to improve, although the level of optimism among manufacturers remained low relative to 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 held on to modest losses against the euro, with EUR/USD adding 0.1% to trade at 1.2966.
Meanwhile, U.S. stock future indices added to gains. The Dow Jones Industrial Average futures pointed to a gain of 0.45% at the open, S&P 500 futures pointed to a rise of 0.6%, while the Nasdaq 100 futures pointed to a gain of 0.7%.