US: NY Empire State Manufacturing Index improves to 17.4 in March vs. 14.5 expected

• NY Empire State Manufacturing Index continues to improve in March.
• US Dollar Index edges higher toward 92.00 after the data.

The headline General Business Conditions Index of the NY Fed's Empire State Manufacturing Survey rose to 17.4 in March from 12.5 in February, the NY Fed's report revealed on Friday. This reading came in better than analysts' estimate of 14.5.

Market reaction

With the initial market reaction, the US Dollar Index edged higher and was last seen gaining 0.18% on a daily basis at 91.85.

Additional takeaways

"New orders increased modestly and shipments were up substantially. Delivery times continued to lengthen and inventories were somewhat higher."

"Employment levels and the average workweek both increased modestly."

"Input price increases continued to pick up, rising at the fastest pace in nearly a decade and selling prices increased significantly."

"Looking ahead, firms remained optimistic that conditions would improve over the next six months, anticipating significant increases in employment."