USA NY Empire State Manufacturing Index For October -11.90 Vs 3.40 Est.; 11.50 Prior
Portfolio Pulse from Benzinga Newsdesk
The USA NY Empire State Manufacturing Index for October reported a significant decline to -11.90, compared to the estimated 3.40 and the previous 11.50. This unexpected drop indicates a contraction in manufacturing activity, which could impact market sentiment.
October 15, 2024 | 12:30 pm
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NEGATIVE IMPACT
The SPY ETF, which tracks the S&P 500, may experience short-term volatility due to the unexpected decline in the NY Empire State Manufacturing Index, signaling potential economic slowdown.
The NY Empire State Manufacturing Index is a key economic indicator. A significant drop suggests a contraction in manufacturing, which can lead to concerns about economic health, potentially affecting the broader market and SPY.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50