NY Empire Manufacturing Index Drops (AA, X)
By Swing Trader
March 15, 2010 8:30 AM
March 15, 2010 8:30 AM
Posted in: Global, Intraday Update
The March NY Empire Manufacturing Index came in better-than-expected but still dropped from February levels.
The general business conditions index dropped to 22.86 this month from 24.91 in February. Analysts were looking for a reading of 22.00.
The new orders reading was 25.43 in March vs. 8.78 in February. Inventories had a reading of 4.94 vs. 0.00 last month. The rise in new orders and inventories signals that businesses have started to deploy capital for investment once again.
Growth in manufacturing will be beneficial for U.S. cyclicals such as Alcoa Inc. (NYSE: AA) and U.S. Steel (NYSE: X).
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