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.
Economists 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.
Looking six months into the future, the general business conditions index fell to 22.45 from 52.69 last month. The capital expenditures expectations index decreased to 26.53 from 30.11. The technology spending index fell to 14.29 from 29.03.