Empire State Manufacturing Index
Event Date: Monday, May 15, 2023
Event Time: 12:30 CET
Updated Sunday, May 14, 2023
The Empire State manufacturing index is a leading indicator of economic health - businesses react quickly to market conditions, and changes in their sentiment can be an early signal of future economic activity such as spending, hiring, and investment. Manufacturing posted a jump above the 30 level back in May but it turned bearish during the summer and it fell to 21.8 points in July. Although, this indicator came back to the declining trend in August, declining to 16.8 points and in September it fell to 2.0 points. During lockdown months this indicator turned negative but jumped to 17.3 points in July. In August it cooled off to 3.7 points, although in September it increased to 17 points again. But it turned lower in October, falling to -9.1 points and it is expected to improve to -5.0 points in November. The deterioration continued until March as this indicator fell to -24.6 points but it improved to 10.8 points in April. Although May is expected to turn negative again at -3.7 points. Please follow us for live coverage of this event and the impact it might have on the currency by experienced market analysts.
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About Empire State Manufacturing Index
The Level of a diffusion index based on surveyed manufacturers in Philadelphia provides a look at the conditions facing the U.S. industrial sector. The metric is derived using an above and below 0 scale. Basic interpretations include a value over 0 being viewed as positive toward the USD and under 0 as negative.A top three global economic power, the United States relies greatly upon domestic manufacturing for economic output. With industrial production accounting for nearly 20% of aggregate GDP, the manufacture of goods is a big part of the U.S. economy. The ISM Manufacturing PMI offers an inside view of the ongoing progress of the manufacturing sector.