NY Fed Empire State Manufacturing Index edges higher to 4.8 in August
|- Manufacturing activity in NY area gathers momentum in August.
- Labour market conditions in the sector remain "sluggish."
The headline General Business Conditions Index of the Federal Reserve Bank of New York's Empire State Manufacturing Survey came in at 4.8 in August following July's reading of 4.3 and surpassed analysts' estimate of 3.
"New orders increased after declining for the prior two months, and shipments continued to expand," NY Fed said in its publication.
"Unfilled orders fell, delivery times were steady, and inventories increased. The employment and average workweek indexes were both slightly below zero, pointing to sluggishness in labor market conditions."
Coupled with the upbeat retail sales figures, this data helps the US Dollar Index stay in the positive territory near the 98 handle.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.