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The headline General Business Conditions Index of the NY Fed’s Empire State Manufacturing Survey dropped to an all-time low of -78.2 in April from -21.5 in March and missed the market expectation of -35 by a wide margin.

Key takeaways

“New orders and shipments declined at a record pace.”

“Employment levels and the average workweek both contracted at a record pace.”

“Input price increases slowed considerably, while selling prices declined modestly.”

“Though current conditions were extremely weak, firms expected conditions to be slightly better six months from now.”

Market reaction

The greenback continues to capitalize on risk-off flows after disappointing data. As of writing, the US Dollar Index was up 1.05% on the day at 99.90.