US: NY Empire State Manufacturing Index falls to 3.5 in January vs. 6 expected

NY Empire State Manufacturing Index continued to decline in January.
US Dollar Index clings to daily gains around 90.50.

Eren Sengezer FXStreet

The headline General Business Conditions Index of the NY Fed's Empire State Manufacturing Survey fell to 3.5 in January from 4.9 in December, the NY Fed's report revealed on Friday. This reading missed analysts' estimate of 6.

Additional takeaways

"The new orders index rose three points to 6.6, indicating a small increase in orders, and the shipments index fell to 7.3, pointing to a modest increase in shipments."

"The index for number of employees fell three points to 11.2, a level pointing to ongoing gains in employment."

"The index for future business conditions came in at 31.9, suggesting that firms remained optimistic about future conditions."

Market reaction

The US Dollar Index showed no immediate reaction to this report and was last seen gaining 0.27% on the day at 90.48.

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.

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