US Empire State manufacturing index plunged sharply from 11.1 to -31.3 in August, well below expectation of 5.1. The -42 pts decline was the second largest monthly fall on record. 12% of respondents reported conditions had improved while 55% reported worsened condition.
Expectations for six months ahead, on the other hand, rose from -6.2 to 2.1. The reading suggests that firms were not optimism about the six-month outlook.
