US: NY Empire State Manufacturing Index improves to 12.1 in February vs. 6 expected

• NY Empire State Manufacturing Index improved sharply in February.
• US Dollar Index rebounds toward 90.50 after the data.

The headline General Business Conditions Index of the NY Fed's Empire State Manufacturing Survey rose to 12.1 in February from 3.5 in January, the NY Fed's report revealed on Friday. This reading came in better than analysts' estimate of 6.

Additional takeaways

"32% of respondents reported that conditions had improved over the month, while 20% reported that conditions had worsened."

"The new orders index rose four points to 10.8, indicating that orders increased."

"The shipments index fell to 4.0, pointing to a small increase in shipments. Delivery times rose at the fastest pace in a year, and inventories were higher."

"The index for future business conditions rose three points to 34.9, suggesting that firms remained optimistic about future conditions."

Market reaction

US Dollar Index continues to edge higher after this data and was last seen flat on the day at 90.47.