Thursday, 29 Jul 2021

N.Y. Fed's Empire State manufacturing business index declines in June

FILE PHOTO: A worker pours hot metal at the Kirsh Foundry in Beaver Dam, Wisconsin, U.S., April 12, 2018. REUTERS/Timothy Aeppel/File Photo

(Reuters) – The New York Federal Reserve said on Tuesday its barometer on manufacturing business activity in New York state declined for a second consecutive month in June.

The regional Fed’s “Empire State” index on current business conditions fell seven points to 17.4, lower than a reading of 23.0 forecast among analysts polled by Reuters.

A reading above zero signals the New York manufacturing sector is expanding.

New orders increased moderately, deliveries lengthened at a record-setting pace while inventories edged lower. New York’s manufacturing firms were optimistic. The survey’s six-month outlook gauge rose eleven points to 47.7. The indexes for new orders and shipments rose to similar levels.

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