The latest Empire Manufacturing index came in at 7.7, signaling modest expansion in the New York manufacturing sector. Expectations had priced in a reading of 1.0, so the actual print beat forecasts by a comfortable margin.

Here's the catch though—the prior month's reading got revised down to -3.7, a notable contraction. That's the kind of data whipsaw that makes macro traders nervous.

Why should crypto players care? Manufacturing data feeds into broader inflation narratives and Fed policy expectations. A stronger-than-expected Empire print could fuel discussions around sticky inflation or justify a more hawkish stance from policymakers. Conversely, the downward revision to last month signals underlying weakness beneath the surface.

The real story isn't just this single month's beat. It's the volatility and the downside revisions that matter. Markets tend to react sharply when economic data bounces around this much—and that kind of uncertainty often spills into asset prices across the board, crypto included. Keep an eye on how this feeds into the broader narrative around US economic resilience heading into the next Fed decision.