Investing.com - The New York Federal Reserve’s index of manufacturing conditions improved more-than-expected in July, hitting a five-month high, official data showed on Monday.
In a report, the Federal Reserve Bank of New York said that its general business conditions index rose to 9.5 in July from a reading of 7.8 in June.
Analysts had expected the index to inch down to 5.0 in July.
On the index, a reading above 0.0 indicates improving conditions, below indicates worsening conditions.
The new orders index rose ten points to 3.8, and the shipments index climbed twenty-one points to 9.0.
Employment indexes were mixed, and indicated little positive momentum in the labor market.
Indexes for the six-month outlook were generally higher—a sign that optimism about future business conditions had strengthened.
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 pared gains against the euro, with EUR/USD shedding 0.24% to trade at 1.3036.
Meanwhile, U.S. stock future indices pointed to a higher open. The Dow Jones Industrial Average futures pointed to a gain of 0.2% at the open, S&P 500 futures indicated an increase of 0.2%, while the Nasdaq 100 futures signaled a gain of 0.2%.
In a report, the Federal Reserve Bank of New York said that its general business conditions index rose to 9.5 in July from a reading of 7.8 in June.
Analysts had expected the index to inch down to 5.0 in July.
On the index, a reading above 0.0 indicates improving conditions, below indicates worsening conditions.
The new orders index rose ten points to 3.8, and the shipments index climbed twenty-one points to 9.0.
Employment indexes were mixed, and indicated little positive momentum in the labor market.
Indexes for the six-month outlook were generally higher—a sign that optimism about future business conditions had strengthened.
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 pared gains against the euro, with EUR/USD shedding 0.24% to trade at 1.3036.
Meanwhile, U.S. stock future indices pointed to a higher open. The Dow Jones Industrial Average futures pointed to a gain of 0.2% at the open, S&P 500 futures indicated an increase of 0.2%, while the Nasdaq 100 futures signaled a gain of 0.2%.