NY Fed Empire State Manufacturing Index fell to 2 in September vs. 4 expected
|- Manufacturing activity in NY area weakened in September.
- Labour market conditions in the sector improved after three months.
The headline General Business Conditions Index of the Federal Reserve Bank of New York's Empire State Manufacturing Survey dropped to 2 in September from 4.8 in August and fell short of the market expectation of 4.
"The new orders index fell three points to 3.5, pointing to a small increase in orders. The shipments index fell four points to 5.8, its lowest level in nearly three years," the publication revealed.
"After spending three months in negative territory, the index for number of employees rose to 9.7, pointing to an increase in employment levels, while the average workweek index came in at 1.7, indicating little change in hours worked."
The US Dollar Index edged lower following the disappointing reading and is now at 98.40, still up 0.55% on the day.
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