Investing.com – The New York Federal Reserve’s index of manufacturing conditions improved more-than-expected in January, climbing to the highest level since June 2010, official data showed on Wednesday.
In a report, the Federal Reserve Bank of New York said that its general business conditions index improved by 6.0 points to 19.5 in February from 13.5 in January.
Analysts had expected the index to improve by 0.7 point to 14.2 in February.
On the index, a reading above 0.0 indicates improving conditions, below indicates worsening conditions.
The new orders index, at 9.7, was positive but down slightly, and the shipments index was little changed at 22.8.
The prices paid index held steady at 25.9, while the prices received index fell eight points to 15.3, suggesting that selling prices rose at a slower pace.
Employment indexes were positive and close to last month’s levels, indicating that employment levels and the average workweek continued to rise at a modest pace.
Indexes for the six-month outlook, while somewhat lower than last month, remained at fairly high levels, signaling considerable optimism about the future.
Following the release of the data, the U.S. dollar remained higher against the euro, with EUR/USD shedding 0.34% to trade at 1.3090.
Meanwhile, stock index futures held on to gains following the data. The Dow Jones Industrial Average futures pointed to a rise of 0.3%, S&P 500 futures added 0.45%, while the Nasdaq 100 futures indicated a gain of 0.55%.
In a report, the Federal Reserve Bank of New York said that its general business conditions index improved by 6.0 points to 19.5 in February from 13.5 in January.
Analysts had expected the index to improve by 0.7 point to 14.2 in February.
On the index, a reading above 0.0 indicates improving conditions, below indicates worsening conditions.
The new orders index, at 9.7, was positive but down slightly, and the shipments index was little changed at 22.8.
The prices paid index held steady at 25.9, while the prices received index fell eight points to 15.3, suggesting that selling prices rose at a slower pace.
Employment indexes were positive and close to last month’s levels, indicating that employment levels and the average workweek continued to rise at a modest pace.
Indexes for the six-month outlook, while somewhat lower than last month, remained at fairly high levels, signaling considerable optimism about the future.
Following the release of the data, the U.S. dollar remained higher against the euro, with EUR/USD shedding 0.34% to trade at 1.3090.
Meanwhile, stock index futures held on to gains following the data. The Dow Jones Industrial Average futures pointed to a rise of 0.3%, S&P 500 futures added 0.45%, while the Nasdaq 100 futures indicated a gain of 0.55%.