US: 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 Conditions 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

"New orders were little changed and shipments increased modestly."

"Unfilled orders were down, and inventories declined."

"Employment inched higher, while the average workweek declined."

"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.