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 unexpectedly fell to -31.8 in May of 2023 from 10.8 in April, compared to a forecast of -3.75. It's the lowest reading in four months, indicating a sharp drop in manufacturing business activity in New York state, after a big rebound in April. New orders fell (-28 vs. 25.1) and shipments (-16.4 vs. 23.9) after rising significantly last month. Also, delivery times were somewhat shortened (-5.7 vs. 0), inventories shrank (-12.3 vs. 8.2) and both labor (-3.3 vs. -8) and hours worked (-3.5 vs. -6.4) fell for the fourth consecutive month. At the same time, prices rose slightly (34.9 vs. 33) and capital spending plans turned stagnant (0.9, the lowest level in three years). Meanwhile, the six-month business conditions index rose only marginally to 9.8 from 6.6, a sign that companies continue to expect a slight improvement in conditions 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 the level of -15%.
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