Manufacturing activity in New York state did not recover in June after contracting a month earlier, a survey from the Federal Reserve Bank of New York indicated Wednesday.
The New York Fed’s “Empire State” survey of manufacturers produced a reading of negative 1.2 in June, falling short of forecasts that it would climb to a positive reading of five. Last month, the index crashed to a negative 11.6, indicating a sudden turn to contraction in New York’s manufacturing sector.
Any reading above zero indicates improving conditions. Readings below zero indicate deterioration.
The New York Fed described the state of optimism for the future as subdued for the third consecutive month. The index for future business conditions fell four points to 14.0. Delivery