Investing.com - The New York Federal Reserve’s index of manufacturing conditions improved at a slower rate than expected in November, dampening optimism over the strength of the economy, official data showed on Monday.
In a report, the Federal Reserve Bank of New York said that its general business conditions index increased to 10.2 this month from a reading of 6.2 in October. Analysts had expected the index to rise to 11.1 in November.
On the index, a reading above 0.0 indicates improving conditions, below indicates worsening conditions.
The new orders index rose eleven points to 9.1, and the shipments index advanced eleven points to 11.8.
The index for number of employees edged down to 8.5 but remained positive, indicating that employment levels grew.
Indexes for the six-month outlook were generally higher this month and conveyed a strong degree of optimism about future business conditions.
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.
EUR/USD was trading at 1.2501 from around 1.2499 ahead of the release of the data, while GBP/USD was at 1.5643 from 1.5640 earlier.
Meanwhile, U.S. stock futures pointed to a modestly lower open. The Dow futures pointed to a loss of 0.15% at the open, the S&P 500 futures declined 0.2%, while the Nasdaq 100 futures shed 0.15%.
Elsewhere, in the commodities market, gold futures traded at $1,187.60 a troy ounce, compared to $1,186.80 ahead of the data, while crude oil traded at $75.18 a barrel from $75.12 earlier.
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Empire State manufacturing index rises to 10.2 in November
Published 11/17/2014, 08:33 AM
Empire State manufacturing index rises to 10.2 in November
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