US: NY Empire State Manufacturing Index slumps to 18.3 in August vs. 29 expected
|- NY Empire State Manufacturing Index fell more than expected in August.
- US Dollar Index stays in the positive territory above 92.60.
The headline General Business Conditions Index of the NY Fed's Empire State Manufacturing Survey fell sharply to 18.3 in August from 43 in July. This reading missed the market expectation of 29 by a wide margin.
Market reaction
This report doesn't seem to be having a noticeable impact on the USD's performance against its rivals. As of writing, the US Dollar Index was up 0.12% on the day at 92.62.
Additional takeaways
"New orders increased modestly and shipments grew slightly."
"Input prices continued to rise sharply and the pace of selling price increases set another record."
"Both price indexes remained at or near record highs: the prices paid index held steady at 76.1, while the prices received index climbed seven points to 46.0, setting a new record."
"The index for number of employees dipped eight points to 12.8 and the average workweek index dropped to 8.9, indicating a modest increase in employment and hours worked."
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