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- Manufacturing activity in the New York region improves more than forecast in June
Manufacturing activity in the New York region improves more than forecast in June
The report from
the New York Federal Reserve showed on Monday that manufacturing activity in
the New York region steadied in early June after deteriorating sharply over the
prior two months.
According to
the survey, NY Fed Empire State manufacturing index climbed from -48.5 in May to
-0.20 in June. That was the highest reading since February.
Economists had
expected the index to come in at -27.5
Anything below
zero signals contraction.
According to
the report, new orders index surged forty-two points to a level of around zero,
indicating that the quantity of orders was unchanged from last month, and the shipments
index jumped forty-two points to 3.3, pointing to a slight advance in shipments
Delivery times and inventories both held steady. Meanwhile, the index for
number of employees was little changed at -3.5, pointing to a second consecutive
month of slight employment declines. On the price front, input price increases picked
up, and selling prices stabilized.
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