The Empire State Manufacturing Survey showed manufacturing activity "expanded slightly" in New York State, the Federal Reserve Bank of New York reported Friday as the general business conditions index fell to 2.29 in June from 17.09 in May.
Economists surveyed by Thomson Reuters had expected a 14.00 reading.
The new orders index slid to 2.18 from 8.32, while the shipments index plunged to 4.81 from 24.14, and unfilled orders slipped to negative 5.15 from negative 4.82, the Fed said.
The delivery time index held at zero, while the inventories index reversed to negative 8.25 from positive 4.82 in the prior survey. The prices paid index fell to 19.59 from 37.35, while the prices received index dropped to 1.03 from 12.05. The number of employees index decreased to 12.37 from 20.48, while the average employee workweek index slid to 3.09 from 12.05, the Fed reported.
Looking six months into the future, the general business conditions index decreased to 23.13 from 29.26 last month. The new orders index fell to 15.46 from 30.12, while the shipments index dropped to 12.37 from 25.30, and unfilled orders slid to negative 8.25 from zero, the Fed said. The delivery time index fell to negative 1.03 from positive 2.41, while the inventories index slid to negative 15.46 from negative 10.84.
The prices paid index declined to 34.02 from 57.83, while the prices received index fell to 17.53 from 22.89. The number of employees index grew to 16.49 from 12.05, while the average employee workweek index dropped to 2.06 from 8.43, the Fed reported. The capital expenditures expectations index rose to 21.65 from 19.28. The technology spending index increased to 12.37 from 12.05.