US: NY Empire State Manufacturing Index drops to 6.3 in November vs. 13.5 expected
- NY Empire State Manufacturing Index fell more than expected in November.
- US Dollar Index stays below 93.00 after the data.
The headline General Business Conditions Index of the NY Fed's Empire State Manufacturing Survey fell to 6.3 in November from 10.5 in October, the NY Fed's report revealed on Monday. This reading missed analysts' estimate of 13.5 by a wide margin.
Key takeaways
"31% of respondents reported that conditions had improved over the month, while 24% reported that conditions had worsened."
"The new orders index fell nine points to 3.7, indicating a slight increase in orders, and the shipments index fell twelve points to 6.3."
"Delivery times were little changed, while unfilled orders and inventories continued to decline."
"After rising sharply last month, the average workweek index fell eleven points to 4.8, its positive value signalling a small increase in hours worked."
Market reaction
The US Dollar Index showed no immediate reaction to this report and was last seen posting modest daily gains at 92.80.
Author
Eren Sengezer
FXStreet
As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.
