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New York Fed Empire State Survey remains in negative territory at 1.2

Kitco Media
By Neils Christensen
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(Kitco News) - Weakness persists in the U.S. manufacturing sector, according to the latest report by the New Yor Federal Reserve.

Wednesday, the regional central bank said that its Empire State Manufacturing survey remains in contraction territory as it rose to a reading of -1.2, up from May’s reading of -11.6. However, despite the jump, the data still missed expectations; consensus estimates calling for a reading of around 2.4.

The gold market is not seeing much reaction to the latest manufacturing data as prices hold near session highs after seeing see a technical bounce from the sharp selloff Monday and Tuesday. Spot gold last traded at $1,834.20 an ounce, up 1.42% on the day.

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Neils Christensen

Neils Christensen has a diploma in journalism from Lethbridge College and has more than a decade of reporting experience working for news organizations throughout Canada. His experiences include covering territorial and federal politics in Nunavut, Canada. He has worked exclusively within the financial sector since 2007, when he started with the Canadian Economic Press. Neils can be contacted at: 1 866 925 4826 ext. 1526 nchristensen at kitco.com @KitcoNewsNOW

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