Investing.com – The New York Federal Reserve’s index of manufacturing conditions fell significantly more-than-expected in May, official data showed on Monday.
In a report, the Federal Reserve Bank of New York said that its general business conditions index tumbled to 11.9 in May, after climbing to 21.7 in April.
Analysts had expected the index to decline to 19.6 in May.
On the index, a reading above 0.0 indicates improving conditions, below indicates worsening conditions.
The new orders index declined five points to 17.2, and the shipments index slipped three points to 25.8. The inventories index climbed to 10.8, its highest level in a year.
The prices paid index rose to 69.9, its highest level since mid-2008, while the prices received index held firm at 28.0.
Following the release of the data the U.S. dollar was down against the euro, with EUR/USD rising 0.1% to hit 1.4132.
Meanwhile, U.S. futures indexes pointed to a broadly lower open. The Dow Jones Industrial Average futures indicated a decline of 0.25%, S&P 500 futures pointed to a drop of 0.35%, while the Nasdaq 100 futures pointed to a loss of 0.25%.
In a report, the Federal Reserve Bank of New York said that its general business conditions index tumbled to 11.9 in May, after climbing to 21.7 in April.
Analysts had expected the index to decline to 19.6 in May.
On the index, a reading above 0.0 indicates improving conditions, below indicates worsening conditions.
The new orders index declined five points to 17.2, and the shipments index slipped three points to 25.8. The inventories index climbed to 10.8, its highest level in a year.
The prices paid index rose to 69.9, its highest level since mid-2008, while the prices received index held firm at 28.0.
Following the release of the data the U.S. dollar was down against the euro, with EUR/USD rising 0.1% to hit 1.4132.
Meanwhile, U.S. futures indexes pointed to a broadly lower open. The Dow Jones Industrial Average futures indicated a decline of 0.25%, S&P 500 futures pointed to a drop of 0.35%, while the Nasdaq 100 futures pointed to a loss of 0.25%.