Highlights of the Empire State Fed manufacturing index

  • Highest since May 2019
  • Prior was +4.8
  • New orders 22.1 in February versus 6.6 January
  • Prices paid 25.0 in February versus 31.5 in January
  • Employment 6.6 in February versus 9.0 in January
  • Shipments a 18.9 in February versus 8.6 in January
  • Average employee workweek -1.0 versus +1.3 in January
  • Unfilled orders +4.5 versus -2.7 in January
  • Delivery time +8.3 versus -2.7 in January
  • inventories +12.9 versus -0.7 in January
  • Six-month business conditions 22.9 vs 23.6 in January

This is a pleasant surprise and it has given the US dollar a lift, in particular against the moribund euro. USD/CAD is also stronger after Canadian manufacturing sales missed estimates.