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Empire State manufacturing index falls further in August

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Forexpros - The New York Federal Reserve's index of manufacturing conditions unexpectedly deteriorated in August, remaining in negative territory for the third consecutive month in August, official data showed on Monday.

In a report, the Federal Reserve Bank of New York said that its general business conditions index fell by 3.9 points to minus 7.7 in August from minus 3.8 in July.

Analysts had expected the index to improve to minus 0.4 in August.

On the index, a reading above 0.0 indicates improving conditions, below indicates worsening conditions.

The new orders index also remained below zero, at -7.8, while the shipments index was positive at 3.0.

Price indexes continued to retreat, with the prices paid index falling fifteen points to 28.3 and the prices received index falling three points to 2.2.

Future indexes weakened significantly. The future general business conditions index plummeted twenty-four points to 8.7, its lowest level since February 2009, and the future new orders and shipments indexes, while positive, fell to near-record lows, exceeded only by their September 2001 readings.

Following the release of the data, the U.S. dollar was down against the euro, with EUR/USD gaining 0.63% to trade at 1.4339.

Meanwhile, the outlook for U.S. equity markets pared gains following the data.

The Dow Jones Industrial Average futures pointed to a gain of 0.55%, S&P 500 futures indicated an increase of 0.5%, while the Nasdaq 100 futures eased up 0.15%.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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