US: Dallas Fed Manufacturing Index recovers to -6.1 in June vs. -59 expected
|- Dallas Fed Manufacturing Index rebounds sharply in June.
- Major equity indexes in the US trade in the positive territory.
The economic activity in Texas' manufacturing sector declined at a soft pace in June with the General Business Activity Index of the Federal Reserve Bank of Dallas' Manufacturing Outlook Survey coming in at -6.1. This reading followed May's print of -49.2 and came in much better than the market expectation of -59.
Further details of the report revealed that the New Orders Index rose by 34 points to 2.9 and the Employment Index improved to -1.5 from -11.5.
"Expectations regarding future business conditions were universally positive in June, the publication further read. "The Future Company Outlook and Future General Business Activity indexes returned to positive territory at 16.2 and 19.7, respectively."
Market reaction
This upbeat data seems to be helping market sentiment improve. As of writing, the Dow Jones Industrial Average and the S&P 500 were up 1.4% and 0.8%, respectively. Moreover, the Nasdaq Composite, which stayed in the negative territory in the first hour of the session, was up 0.1% at 9,859 points.
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