The measurement of manufacturing output from New York this afternoon gave some cause for concern in capital investment circles. The Empire State Manufacturing Index was expected to dip mildly this month after last month's deep decline, but actual results came in well below forecasts.
The data, released by the Federal Reserve Bank of New York at 13:30 GMT, represents the results of a diffusion index based on surveyed manufacturers in the state of New York. Coming in at -8.8, below the -3.9 expectations, as well as last month's -7.7 reading, makes this reading all the more dire. Explanations have ranged from a global downturn in manufacturing demand to the more acute examples such as the recent earthquake, hurricane scare, and 9/11 terrorist threat and memorial ceremony, which would likely create a slowdown from inspections, safety precautions, and diminished worker presence.
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