Empire State Survey - Forex Market Update, 16th August 2011

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Date: Mon, 29 Aug 2011 Time: 6:42 AM
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Join Joseph Trevisani, Chief Market Analyst at leading online Forex broker FX Solutions (http://www.fxsolutions.com/), as he provides a report of Forex activity and news for 16th August 2011, including a fall for the Empire State general business conditions index.

"The New York Federal Reserve's measure of manufacturing in the tri-state area fell for a third consecutive month in August, the first quarterly decline in over two years. The Bloomberg survey of economist had predicted a flat reading for the month.

The Empire State general business conditions index dropped to -7.72 from -5.45 in July and -3.61 in May. Except for a negative reading last November this index had been positive since July 2009 and has averaged 11.94 for that period.

The gauge of new orders also contracted to -7.82 for the third negative month in a row; this is first three month drop since the second quarter of 2009. Most of the subsidiary diffusion indices declined as well: inventory fell to -7.61 from -5.56; prices received to 2.17 from 5.56; and prices paid fell to 28.26 from 43.33. The index for the number of employees rose to 3.26 from 1.11 and the work week index gained to -2.17 from -15.56.

The outlook for next year also deteriorated. The index for general business conditions six months ahead dropped to 8.70 in August from 32.22, its lowest level since February 2001, the historical monthly average is 42.409; new orders sank to 6.52 from 25.56. This is the second weakest reading on record for this survey which has been collected since July 2001, only the September 2001 score of -15.74 was worse. The historical monthly average for this index is 42.02. The projected number of employees six months out slid to 6.52 from 17.78."

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