US: Empire State Manufacturing Index improves to 34.3 in September vs. 18 expected

• NY Empire State Manufacturing Index rose sharply in September.
• US Dollar Index stays in the negative territory near 92.50.

The headline General Business Conditions Index of the Federal Reserve Bank of New York’s Empire State Manufacturing Survey rose to 34.3 in September from 18.3 in August. This reading beat the market expectation of 18 by a wide margin.

Additional takeaways

“The index for number of employees rose eight points to 20.5, and the average workweek index increased fifteen points to 24.3, pointing to strong gains in employment and hours worked.”

“The prices paid index held steady at 75.7, and the prices received index edged up two points to 47.8, marking its third consecutive record high.”

“The index for future business conditions was little changed at 48.4, pointing to ongoing optimism about the six-month outlook. The indexes for future new orders and shipments rose to similar levels.”

Market reaction

The US Dollar Index showed no immediate reaction to this report and was last seen losing 0.2% on the day at 92.48.