New York state manufacturing activity worsens in June: NY Fed

[NEW YORK] Manufacturing activity in New York State slowed in June, dropping to its weakest level in more than two years as new orders fell, a New York Federal Reserve survey showed on Friday.

The New York Fed's Empire State general business conditions index fell from 3.09 in May to -1.98 in June, hitting its lowest level since January 2013.

Economists polled by Reuters had expected the index to rise to 6.0 this month. A reading above zero indicates expansion.

The new orders index fell to -2.12 from 3.85 in May.

The survey of manufacturing plants in the state is one of the earliest monthly guideposts to US factory conditions.

On the upside, prices paid improved marginally to 9.62 from May's 9.38, which had been its lowest level since July 2012.

Employment gauges were also improved. The index for the number of employees snapped a two-month decline, rising to 8.65 from 5.21 while the gauge on average employee workweek moved to 3.85 from -2.08 in May.

The survey's index on future business conditions fell to 25.84 from 29.81. The June reading was the weakest for the index since February.

REUTERS