Download AppDownload AppClose

Empire State Index Falls in March

15/03/2019 12:30:37 Economic Indicators
Manufacturing in the New York area fell unexpectedly in March, in another sign of weakness in the American economy as factories worry over the prolonged trade dispute between the U.S. and ChinaThe Empire State manufacturing index unexpectedly fell in March, to a reading of 3.70, its third consecutive monthly reading below 10.“Growth has remained quite a bit slower so far this year than it was for most of 2018,” the New York Fed said in the report.Despite the weaker reading, the New York Fed did note that “firms remain fairly optimistic” about the outlook, although confidence had deteriorated from the prior month.The weakness in the manufacturing mirrors other signs of a slowing U.S. economy which is a key aspect of the Federal Reserve’s current stance to leave interest rates unchanged.The trade dispute between the U.S. and China has been blamed for a slowing global economy which has dampened activity worldwide as factories wait to see if Washington and Beijing can reach an agreement.