New York Fed's Empire State Survey drops to 24.6 in March
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Tuesday, the regional central bank said that its Empire State manufacturing survey's general business conditions index fell to -24.6 in March, down from February's negative reading at 5.8. The data significantly missed expectations as economists were looking for the index to fall to -7.9. The disappointing data is creating some new momentum for the gold market as prices continue to trade near session highs. Spot gold futures last traded at $1,929.40 an ounce, up more than 1% on the day.
Looking at the survey's components, the New Orders Index fell to -21.7, down from February's reading of -7.8; at the same time, the Shipments Index dropped to -13.4, down from the previous reading of 0.1.
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