NY Empire State Manufacturing Index plummets to -8.6 in June, weighs on greenback

The Federal Reserve Bank of New York's Empire State Manufacturing Survey showed that the business activity in the region's manufacturing sector contracted with the headline Manufacturing Index plummeting to -8.6 in June from 17.8 in May and missing the market expectation of 10.

With the initial reaction, the US Dollar Index came under modest bearish pressure and was last down 0.05% on the day at 97.35.

Key takeaways from the press release

• Manufacturing firms in New York State reported that business activity declined. 
• Unfilled orders declined, delivery times were somewhat shorter, and inventories moved slightly lower.
• The index for number of employees fell eight points to -3.5, its first negative value in over two years, pointing to a small decline in employment levels. 
• The index for future business conditions fell five points to 25.7.