The measurement of manufacturing output from New York this afternoon gave some cause for concern in capital investment circles. The Empire State Manufacturing Index was expected to dip mildly this month after last month’s deep decline, but actual results came in well below forecasts.
The data, released by the Federal Reserve Bank of New York at 13:30 GMT, represents the results of a diffusion index based on surveyed manufacturers in the state of New York. Coming in at -8.8, below the -3.9 expectations, as well as last month’s -7.7 reading, makes this reading all the more dire. Explanations have ranged from a global downturn in manufacturing demand to the more acute examples such as the recent earthquake, hurricane scare, and 9/11 terrorist threat and memorial ceremony, which would likely create a slowdown from inspections, safety precautions, and diminished worker presence.
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Greg Holden is the Chief Market Analyst at ForexYard. Greg uses his detailed knowledge of fundamental and technical analysis to provide some of the leading market forecasts in the forex world today. A guest lecturer at forex symposiums and Chief Editor of ForexYard's analysis center, Greg brings highly detailed and easy-to-use market analyses to his clientele. He has been published on ForexYard's Trading Blog and affiliate websites. Greg holds degrees in Political Science and Economics from Missouri State University, as well as a Masters degree in Middle Eastern History.
