03:30 PM BST, United States - Dallas Fed Mfg Business Index for October:
- actual -3.0 vs expected; - 9.2; previous -9.0;
Texas manufacturing showed notable improvement in October, with the Dallas Fed Manufacturing Index rising to -3.0, better than the expected -9.2. The production index surged to 14.6, its highest in two years, though broader manufacturing indicators were mixed. New orders remained negative at -3.7, while capacity utilization and shipments turned positive at 4.3 and 1.5 respectively.
Labor market conditions weakened, with the employment index falling to -5.1, as 19% of firms reported layoffs versus 14% noting hiring. Despite current challenges, future expectations strengthened considerably, with both the future production index (42.4) and business activity index (29.6) reaching three-year highs. Market reaction to the data was muted, with EURUSD remaining stable.
Key Highlights:
- Production index surged to 14.6, a two-year high
- Employment index declined to -5.1
- Future outlook reached three-year highs
- Market showed minimal reaction
Source: xStation
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