The Empire State Manufacturing Survey general business-conditions index fell 5 points to -2.0 in June from 3.1 in May, the Federal Reserve Bank of New Yorkreported Monday.
The June survey indicates business conditions “worsened slightly” for New York manufacturers, the New York Fed said.
The June measurement represents the second time in three months that the survey’s headlining index has dipped into negative territory. The April survey produced a general business-conditions index at -1.2.
The general business-conditions index has been hovering near zero for the past three months, suggesting that activity has “remained flat since April,” according to the New York Fed.
The June survey found 26 percent of respondents reported that conditions had improved, while 28 percent reported that conditions had worsened.
Inside the report
The Empire State Manufacturing Survey’s new-orders index fell 6 points to -2.1, while the shipments index edged down to 12.0.
Labor-market indicators pointed to a “small increase” in employment levels and the average workweek.
Price indexes were “little changed.”
At 9.6, the prices-paid index remained near last month’s “multiyear low,” and the prices-received index held steady at 1.0, indicating that selling prices were “flat” for a second consecutive month.
The index for future general-business conditions retreated in June, suggesting that optimism about future business conditions “waned.”
The New York Fed distributes the Empire State Manufacturing Survey on the first day of each month to the same pool of about 200 manufacturing executives in New York. On average, about 100 executives return responses.
Contact Reinhardt at email@example.com
PHOTO CREDIT: The website of the Federal Reserve Bank of New York