NY Empire State Manufacturing Index (May) -15.6 vs -9.9 Est.
Portfolio Pulse from Benzinga Newsdesk
The NY Empire State Manufacturing Index for May came in at -15.6, significantly below the estimated -9.9. This indicates a sharper contraction in manufacturing activity than expected.
May 15, 2024 | 12:30 pm
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NEGATIVE IMPACT
The NY Empire State Manufacturing Index for May came in at -15.6, significantly below the estimated -9.9. This could negatively impact the SPY ETF as it reflects a sharper contraction in manufacturing activity, potentially signaling broader economic weakness.
The SPY ETF, which tracks the S&P 500, could be negatively impacted by the worse-than-expected manufacturing index as it suggests a contraction in economic activity. This may lead to investor concerns about broader economic health, potentially driving down stock prices.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80