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Empire State manufacturing index rises less-than-expected in December

Published 12/16/2013, 08:33 AM
Updated 12/16/2013, 08:33 AM
Empire State manufacturing index rises to 0.98 in December

Empire State manufacturing index rises to 0.98 in December

Investing.com - The New York Federal Reserve’s index of manufacturing conditions improved less-than-expected in December, official data showed on Monday.

In a report, the Federal Reserve Bank of New York said that its general business conditions index rose to 0.98 this month from a reading of minus -2.21 in November. Analysts had expected the index to rise to 4.75 in December.

On the index, a reading above 0.0 indicates improving conditions, below indicates worsening conditions.

The new orders index inched up, but remained negative at minus 3.5, while the shipments index rose to 7.7.

Labor market conditions remained weak, with the index for number of employees holding at 0.0 for a second month in a row and the average workweek index dropping six points to minus 10.8.

Indexes for the six-month outlook generally conveyed a fair degree of optimism about future conditions, though to a lesser extent than in the November survey.

The Empire State index is of interest to traders primarily because it is seen as an early forecast of the national Institute for Supply management factory survey.

Following the release of the data, the U.S. dollar remained lower against the euro, with EUR/USD adding 0.29% to trade at 1.3781.

Meanwhile, the outlook for U.S. equity markets was higher. The Dow Jones Industrial Average futures indicated a gain of 0.55% at the open, S&P 500 futures pointed to a rise of 0.55% and Nasdaq 100 futures indicated an increase of 0.5%.

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