Forexpros – The New York Federal Reserve’s index of manufacturing conditions improved more-than-expected in December, climbing to the highest level since May, official data showed on Thursday.
In a report, the Federal Reserve Bank of New York said that its general business conditions index improved by 8.9 points to 9.5 in December from 0.6 in November.
Analysts had expected the index to improve by 2.4 points to 3.0 in December.
On the index, a reading above 0.0 indicates improving conditions, below indicates worsening conditions.
The new orders index climbed above zero, to 5.1, and the shipments index advanced eleven points to 20.9.
Input price increases steepened, with the prices paid index rising six points to 24.4. Selling prices increased only modestly, with the prices received index inching down to 3.5.
Employment indexes were mixed, showing a slight increase in employment levels but a slight decrease in the length of the average workweek
Future indexes rose sharply for a second consecutive month, with the future general business conditions index climbing thirteen points to 52.3, suggesting a return to the high levels of optimism seen earlier in 2011.
Following the release of the data the U.S. dollar extended losses against the euro, with EUR/USD rising 0.44% to trade at 1.3040.
Meanwhile, stock index futures added to gains following the data. The Dow Jones Industrial Average futures pointed to a rise of 1.05%, S&P 500 futures climbed 1.15%, while the Nasdaq 100 futures indicated a gain of 0.9%.
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