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Manufacturing growth in NY nearly grinds to a halt in June

By Rick Seltzer

Date:

Manufacturing in New York State lost steam in June, according to a monthly survey from the Federal Reserve Bank of New York.

The New York Fed’s June Empire State Manufacturing Survey showed slowing manufacturing activity, as its general business conditions index plunged 14.8 points. The index managed to avoid slipping into negative territory with a reading of 2.3.

Because the index remained positive showed some manufacturing expansion still took place this month, according to the New York Fed. However, it is the index’s lowest result since November, when it barely broke above 0 and registered less than 1 point.

In June, 30.6 percent of surveyed firms said business conditions improved, and 28.3 percent said they worsened. The remaining 41 percent of manufacturers indicated conditions remained the same as last month.

Manufacturers were slower to apply the brakes to the survey’s future general business conditions index, which measures expectations for six months from now. That index dipped 6.1 points to stay safely in positive territory at 23.1. Still, June marked the future index’s fifth straight month of decline.

Nearly two in five survey respondents, 39.5 percent, anticipate better business conditions in six months. Just 16.4 percent expect worse conditions, while 44.1 percent believe conditions will be the same as in June.

The New York Fed polls a set pool of about 200 New York manufacturing executives for the survey. About 100 executives typically respond, and the Fed seasonally adjusts data.

Contact Seltzer at rseltzer@cnybj.com

 

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