The Federal Reserve Bank of New York's Empire State Manufacturing Survey showed that the business activity in the region's manufacturing sector contracted with the headline Manufacturing Index plummeting to -8.6 in June from 17.8 in May and missing the market expectation of 10.
With the initial reaction, the US Dollar Index came under modest bearish pressure and was last down 0.05% on the day at 97.35.
Key takeaways from the press release
- Manufacturing firms in New York State reported that business activity declined.
- Unfilled orders declined, delivery times were somewhat shorter, and inventories moved slightly lower.
- The index for number of employees fell eight points to -3.5, its first negative value in over two years, pointing to a small decline in employment levels.
- The index for future business conditions fell five points to 25.7.
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