Fed's regional Empire State manufacturing index falls in March
The numbers: The New York Fed’s Empire State business conditions index fell to a reading of 3.7 in March from 8.8 in the prior month. This is the lowest level in almost two years. Economists had expected a reading of 10, according to a survey by Econoday.What happened: The new orders index fell 4.5 points to 3 in March. The shipments index slipped 2.7 points to 7.7, its lowest level in more than two years. The index for the number of employees climbed 10 points to 13.
Big picture: This is the third monthly Empire State reading below 10, suggesting that growth is quite a bit slower so far this year than in 2018. Last year, the Empire State index averaged 19.8. A slowdown in China’s manufacturing sector was seen as the leading culprit. U.S. manufacturing is slowing, the only question is by how much.
Market reaction: Stocks were set to open higher Friday on a reduction in worries about the global economy. The Dow Jones Industrial Average DJIA, +0.03% has been up in three of the last four trading days. Greg Robb Greg Robb is a senior reporter for MarketWatch in Washington. Follow him on Twitter @grobb2000.
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