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 manufacturing index rose 27.1 points from the previous month to -5.8 in February 2023, easily beating market expectations of -18.0 and indicating business activity in New York state contracted at a slower pace. The rate of decline in new orders declined (-7.8 vs. -31.1 in January), while shipments remained unchanged (0.1 vs. -22.4). Meanwhile, delivery times have been shortened (-9.2 vs. 0.9), and inventories have risen (6.4 vs. 4.5). Employment levels fell for the first time since the start of the pandemic (-6.6 vs. 2.8), and the average workweek was shortened for the third consecutive month (-12.1 vs. -10.4). Both input and selling price increases are captured. Looking ahead, companies expect business conditions to improve somewhat over the next six months

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

The estimate for today's statement is at -7.9%.
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 three thirty in the evening, Mecca Al-Mukarramah time