NY manufacturing business gauge drops unexpectedly in March

NY manufacturing business gauge drops unexpectedly in March

Mubasher: US manufacturing business activity shrank in March after hitting the lowest level in nearly two years, New York Federal Reserve Bank’s Empire State Manufacturing Survey showed Friday.

The Empire State manufacturing index, gauging overall general business conditions, lost five points reaching 3.7 in March.

This came well above a reading of 10 points expected by analysts polled by Econoday.

This is the third monthly Empire State reading below 10, indicating that growth is slightly slower until now this year than in the prior year.

The new order index dropped 4.5 points to 3 in March, while the shipments gauge dropped 2.7 to 7.7 points, its lowest level in more than two years.

However, the employment index jumped 10 points to 13.8, indicating a growth in employment.

By 12:32 pm GMT, the US dollar index went down 0.10% to 96.6890.