US: NY Empire State Manufacturing Index drops to 17.4 in June vs. 22 expected

• NY Empire State Manufacturing Index came in lower than expected in June.
• US Dollar Index clings to daily gains around 90.60.

The headline General Business Conditions Index of the NY Fed's Empire State Manufacturing Survey declined to 17.4 in June from 24.3 in May. This reading fell short of the market expectation of 22.

Market reaction

This report was largely ignored by market participants and the US Dollar Index was last seen rising 0.15% on the day at 90.63.

Additional takeaways

"Manufacturing activity grew solidly in New York State, according to the June survey, though at a slower pace than seen in the past few months."

"Thirty-nine percent of respondents reported that conditions had improved over the month, while 21 percent reported that conditions had worsened."

"The new orders index fell thirteen points to 16.3, and the shipments index fell sixteen points to 14.2, pointing to ongoing gains in orders and shipments, though at a milder pace than last month."

"Unfilled orders were slightly higher. The delivery times index hit another record high, rising six points to 29.8, pointing to significantly longer delivery times. Inventories edged somewhat lower."