Investing.com – The New York Federal Reserve’s index of manufacturing conditions rose more-than-expected in March, official data showed on Tuesday.
In a report, the Federal Reserve Bank of New York said that its general business conditions index rose to 17.5 in March, after rising to 15.4 in February.
Analysts had expected the index to rise to 16.5 in March.
On the index, a reading above 0.0 indicates improving conditions, below indicates worsening conditions.
According to the data, the new orders and shipments indexes fell but remained above zero, while the unfilled orders index rose above zero for the first time in a year.
Price indexes continued to climb, suggesting that price increases had accelerated. Employment indexes were positive and above their February levels, indicating that employment had expanded.
Following the release of the data the U.S. dollar was up against the euro, with EUR/USD slumping 0.81% to hit 1.3878.
Meanwhile, U.S. futures indexes pointed to a sharply lower open: the Dow Jones Industrial Average futures indicated a decline of 2.17%, S&P 500 futures pointed to a drop of 2.63%, while the Nasdaq 100 futures pointed to a loss of 2.91%.
In a report, the Federal Reserve Bank of New York said that its general business conditions index rose to 17.5 in March, after rising to 15.4 in February.
Analysts had expected the index to rise to 16.5 in March.
On the index, a reading above 0.0 indicates improving conditions, below indicates worsening conditions.
According to the data, the new orders and shipments indexes fell but remained above zero, while the unfilled orders index rose above zero for the first time in a year.
Price indexes continued to climb, suggesting that price increases had accelerated. Employment indexes were positive and above their February levels, indicating that employment had expanded.
Following the release of the data the U.S. dollar was up against the euro, with EUR/USD slumping 0.81% to hit 1.3878.
Meanwhile, U.S. futures indexes pointed to a sharply lower open: the Dow Jones Industrial Average futures indicated a decline of 2.17%, S&P 500 futures pointed to a drop of 2.63%, while the Nasdaq 100 futures pointed to a loss of 2.91%.