NY Fed Empire State Manufacturing Index edges higher to 4.8 in August

• Manufacturing activity in NY area gathers momentum in August.
• Labour market conditions in the sector remain "sluggish."

The headline General Business Conditions Index of the Federal Reserve Bank of New York's Empire State Manufacturing Survey came in at 4.8 in August following July's reading of 4.3 and surpassed analysts' estimate of 3.

"New orders increased after declining for the prior two months, and shipments continued to expand," NY Fed said in its publication. 

"Unfilled orders fell, delivery times were steady, and inventories increased. The employment and average workweek indexes were both slightly below zero, pointing to sluggishness in labor market conditions."

Coupled with the upbeat retail sales figures, this data helps the US Dollar Index stay in the positive territory near the 98 handle.