NY Fed empire manufacturing survey for March -20.90 vs -7.00 estimate

• Prior month -2.40
• Empire manufacturing -20.9 vs -7.0 last month
• New orders -17.2 vs -6.2 prior
• Employment -7.1 vs -0.2 last month
• Prices paid +28.7 vs +33.0 last month
• Prices received 17.8 vs 17.0 last month

Other components:

• Average workweek -10.4 vs -4.7 last month
• Inventories -129. vs -9.6 last month
• Delivery times -1.0 vs -3.2 last month
• Unfilled orders -10.9 vs -9.6 last month
• Shipments -6.9 vs 2.8 last month

Big surprise but the index can be quite volatile.

As for the June probability of a June cut it is down to 58.9%which is down from 69% earlier this week. Will this report change that perception? So far, the reaction in the yields is fairly modest.

Dow is up 57 points and the S&P up 8 points. The Nasdaq is now trading above and below unchanged.

This article was written by Greg Michalowski at www.forexlive.com.