US: NY Fed Empire State Manufacturing Index jumps to 1.9 in September vs. -10 expected


The headline General Business Conditions Index of the Federal Reserve Bank of New York's Empire State Manufacturing survey rose to 1.9 in September from -19.0 in August. This reading came in better than the market expectation of -10.0.

Manufacturing activity held steady in New York State, according to the September survey. Labor market indicators softened to -2.7 “indicating a slight decline in employment levels” and “optimism continues to grow” as the Future Business Conditions index rose to 26.3, the highest level in more than a year. 

Key takeaways from the report: 

Business activity was little changed in New York State, according to firms responding to the September 2023 Empire State Manufacturing Survey.

The headline general business conditions index rose twentyone points to 1.9. New orders and shipments increased. 

Delivery times remained steady, and inventories continued to contract. Labor market indicators pointed to a slight decline in employment levels and the average workweek. The pace of input price increases was similar to last month, while selling price increases picked up. 

Looking ahead, firms continued to grow more optimistic about the sixmonth outlook

The prices paid index held steady at 25.8, pointing to little change in the pace of input price increases, while the prices received index rose seven points to 19.6, signaling a modest pickup in the pace of selling price increases.

Market reaction

The US Dollar gained momentum after the report and strengthened against a broad range of currencies, reversing earlier losses. The US Dollar Index (DXY) rebounded to the 105.40 area, reaching levels near multi-month highs.
 

Share: Feed news

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended content

Editors’ Picks

EUR/USD tumbles to 2024 lows near 1.0460

EUR/USD tumbles to 2024 lows near 1.0460

The US Dollar gathers extra pace and weigh on the risk complex, sending EUR/USD to new YTD lows near the 1.0460 region as the NA draws to a close on Thursday.

EUR/USD News
GBP/USD dips to multi-month lows around 1.2570

GBP/USD dips to multi-month lows around 1.2570

Further losses now motivate GBP/USD to revisit the vicinty of the 1.2570 zone for the first time since early May, always on the back of the strong move higher in the Greenback.

GBP/USD News
Gold faces extra upside near term

Gold faces extra upside near term

Gold extends its bullish momentum further above $2,660 on Thursday. XAU/USD rises for the fourth straight day, sponsored by geopolitical risks stemming from the worsening Russia-Ukraine war. Markets await comments from Fed policymakers.

Gold News
BTC hits an all-time high above $97,850, inches away from the $100K mark

BTC hits an all-time high above $97,850, inches away from the $100K mark

Bitcoin hit a new all-time high of $97,852 on Thursday, and the technical outlook suggests a possible continuation of the rally to $100,000. BTC futures have surged past the $100,000 price mark on Deribit, and Lookonchain data shows whales are accumulating.

Read more
A new horizon: The economic outlook in a new leadership and policy era

A new horizon: The economic outlook in a new leadership and policy era

The economic aftershocks of the COVID pandemic, which have dominated the economic landscape over the past few years, are steadily dissipating. These pandemic-induced economic effects are set to be largely supplanted by economic policy changes that are on the horizon in the United States.

Read more
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

Forex MAJORS

Cryptocurrencies

Signatures