US: NY Empire State Manufacturing Index recovers to -0.2 in June vs. -27.5 expected
|- NY Empire State Manufacturing Index rises sharply in April.
- US Dollar Index stays quiet above 97.00 after the data.
The headline General Business Conditions Index of the NY Fed's Empire State Manufacturing Survey surged to -0.2 in June from -48.5 in May. This reading beat the market expectation of -27.5 by a wide margin.
Key takeaways
"Thirty-six percent of respondents reported that conditions had improved in June, and an equal percentage reported that conditions had worsened."
"The new orders index rose forty-two points to a level of around zero, indicating that the quantity of orders was unchanged from last month."
"The shipments index climbed forty-two points to 3.3, pointing to a slight increase in shipments. Delivery times and inventories both held steady."
"Firms were much more optimistic about future conditions. The index for future business conditions rose twenty-seven points to 56.5, its highest level in more than a decade."
Market reaction
US Dollar Index largely ignored this reading and was last seen gaining 0.1% on the day at 97.19.
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