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Monday, March 8, 2021

NY Empire State Manufacturing Index drops to 3.7 in August vs. 15 expected

  • NY Empire State Manufacturing Index fell more than expected in August.
  • US Dollar Index dropped below 93.00 after the data.

The headline General Business (*15*) Index of the NY Fed’s Empire State Manufacturing Survey declined from 17.2 in July to 3.7 in August. This reading missed the market expectation of 15 by a wide margin.

Key takeaways

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“New orders were little changed and shipments increased modestly.”

“Unfilled orders were down, and inventories declined.”

“Employment inched higher, while the average workweek declined.”

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“Firms remained optimistic that conditions would improve over the next six months, though optimism fell for a second consecutive month.”

Market reaction

The US Dollar Index edged lower after this data and was last seen losing 0.18% on a daily basis at 92.93.

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