He Dallas Fed Manufacturing Business Index has fallen nearly 6 points in May, standing at -29.1 compared to -23.4 in April, its worst result in three years, specifically since May 2020, when the US suffered its first wave of coronavirus. The data disappoints market expectations, whose consensus expected an improvement to -19.6 points, according to the Dallas Federal Reserve.
The employment index rose two points to 9.6, slightly above its average reading. 23% of companies reported net hires, while 13% reported net layoffs. The hours worked index rose to -0.9.
USD reaction
He Dollar Index (DXY) it has bounced about 20 pips on the data, first rising to 104.13 and then falling to 103.96. At time of writing, the dollar is trading above 104.06, losing 0.21% on the day.
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
