US: NY Empire State Manufacturing Index improves to 43 in July vs. 18 expected

NY Empire State Manufacturing Index came in higher than expected in July.
US Dollar Index clings to daily gains above 92.50.

Eren Sengezer FXStreet

The headline General Business Conditions Index of the NY Fed's Empire State Manufacturing Survey improved sharply to 43 from 17.4 in June. This reading fell short of the market expectation of 18 by a wide margin.

Market reaction

This data doesn't seem to be having a significant impact on the USD's market valuation. As of writing, the US Dollar Index is up 0.2% on the day at 92.54.

Additional takeaways

"The new orders index climbed seventeen points to 33.2, and the shipments index increased thirty points to 43.8, pointing to rapid growth in both orders and shipments."

"The index for number of employees increased eight points to 20.6, and the average workweek index held steady at 14.0, pointing to ongoing gains in employment and hours worked."

"The index for future business conditions fell eight points, but at 39.5 indicated ongoing optimism about future conditions."

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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