NEW YORK - The Empire State Manufacturing Survey showed “conditions for New York manufacturers deteriorated in June,” the Federal Reserve Bank of New York reported Wednesday, as the general business conditions index slipped to negative 7.79 in the month from positive 11.88 in May, the Fed reported.
Economists surveyed by Thomson Reuters had expected the index would rise to 12.90.
The new orders index dropped to negative 3.61 from positive 17.19, while the shipments index sagged to negative 8.02 from positive 25.75, and unfilled orders fell to zero from 9.68, the Fed said.
The delivery time index reversed to negative 3.06 from positive 2.15, while the inventories index decreased to 1.02 from 10.75 in the prior survey. The prices paid index slid to 56.12 from 69.89, while the prices received index slumped to 11.22 from 27.96. The number of employees index decreased to 10.20 from 24.73, while the average employee workweek index plunged to negative 2.04 from positive 23.66, the Fed reported.
Looking six months into the future, the general business conditions index fell to 22.45 from 52.69 last month. The new orders index slid to 15.31 from 47.31, while the shipments index slumped to 17.35 from 41.94, and unfilled orders decreased to negative 9.18 from positive 19.35, the Fed said. The delivery time index dipped to 2.04 from 6.45, while the inventories index slumped to negative 9.18 from positive 4.30.
The prices paid index fell to 55.10 from 68.82, while the prices received index slid to 19.39 from 35.48. The number of employees index dropped to 6.12 from 20.43, while the average employee workweek index dropped to negative 2.04 from positive 12.90, the Fed reported. The capital expenditures expectations index decreased to 26.53 from 30.11. The technology spending index fell to 14.29 from 29.03.
