The headline General Business Conditions Index of the NY Fed’s Empire State Manufacturing Survey declined to 24.3 in May from 26.3 in April. This reading, however, came in better than the market expectation of 23.9.
Market reaction
This report doesn’t seem to be having a significant impact on the greenback’s performance against its rivals. As of writing, the US Dollar Index was up 0.04% on the day at 90.34.
Additional takeaways
“The new orders index moved up two points to 28.9, a multi-year high, and the shipments index climbed five points to 29.7, pointing to another month of strong gains in orders and shipments.”
“Unfilled orders increased. The delivery times index moved down five points, but at 23.6, it held near its record high from last month, pointing to significantly longer delivery times. Inventories moved somewhat higher.”
“The index for number of employees held steady at 13.6, while the average workweek index climbed six points to 18.7, indicating ongoing gains in employment and hours worked.”
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