The New York
Federal Reserve announced on Monday that its latest Empire State Manufacturing
Survey found that manufacturing activity in the New York State shrank again in early
June, albeit at a slower pace than in the previous three months.
According to
the survey, the NY Fed Empire State manufacturing index increased from -15.6 in
May to -6.00 this month, indicating that business activity in the New York
region’s manufacturing sector shrank for the seventh straight month, albeit the
pace of decline was the weakest in four months.
Economists
had predicted the index to rise to -9.0.
Anything
below zero signals contraction.
According to
the report, the new orders index surged 15.5 points to -1.0, suggesting that
orders were little changed in June, while the shipments index increased 4.5 points
to 3.3, indicating a small advance in shipments. In the meantime, the unfilled
orders index jumped 9.1 points to 1.0, signalling little change in unfilled orders,
while the employment index fell 2.3 points to -8.7, pointing to an ongoing decrease
in employment. The inventories index dropped 1.0 point to 1.0, indicating that
inventories were flat. The delivery times index
climbed 5.0 points to -4.1, suggesting that delivery times shortened. On the
price front, the prices paid index slipped 3.8 points to 24.5 in June, while the prices received index plunged 7.0 points to 7.1 (its
lowest level in about a year), indicating further moderation in price gains.