US: NY Empire State Manufacturing Index drops to 10.5 in October vs. 15 expected

• NY Empire State Manufacturing Index fell more than expected in October.
• US Dollar Index stays above 93.70 after the data.

The headline General Business Conditions Index of the NY Fed's Empire State Manufacturing Survey declined to 10.5 in October from 17 in September. This reading missed analysts' estimate of 15.

Key takeaways

"36% of respondents reported that conditions had improved over the month, while 25% reported that conditions had worsened."

"The new orders index climbed five points to 12.3, and the shipments index rose four points to 17.8, indicating ongoing gains in orders and shipments."

"The index for future business conditions fell eight points to 32.8, suggesting that firms remained optimistic about future conditions, but were somewhat less positive than last month."

Market reaction 

The US Dollar Index largely ignored this report and was last seen gaining 0.37% on the day at 93.75.