Empire State Manufacturing Index

The Empire State Manufacturing Index measures the economic health of the manufacturing sector based on a survey of nearly 200 manufacturers in New York State.
New York's Empire State Index fell to -32.9 in January of 2023, the lowest reading since May of 2020, from -11.2 in December, well below market expectations of -9. The reading indicated the fifth-worst contraction on record in business activity in New York state, as new orders (-31.1 vs. -3.6 in December) and shipments (-22.4 vs. 5.3) fell sharply. Also, delivery times have held steady (0.9 vs. 1.9), and inventories have been up (4.5 vs. 3.7). Employment growth stalled (2.8 vs. 14), and the average work week was shortened (-10.4 vs. -4.5). In addition, increases in input prices slowed significantly (33 vs. 50.5), and sales price increases also moderated (18.8 vs. 25.2). Looking ahead, companies expect little improvement in business conditions over the next six months (8 vs. 6.3).

Outlook for today's statement and how it will affect the currency

The estimate for today's statement is at -18.2%.
In the event that data is issued at a level higher than expectations, it affects the currency positively, and vice versa

The timing of the statement

This statement will be issued at exactly four thirty in the evening, Mecca Al-Mukarramah time