Empire State Factory Gauge Sinks To Negative 2.0 In June

Business conditions in the New York region worsened slightly, the New York Fed said Monday. The Empire State manufacturing index for June sank to negative 2.0 from 3.1 in May. This is the second negative reading in the past three months for the index, which is a first reading of manufacturing conditions in the month. The reading was below the MarketWatch-compiled economist forecast for a reading of 5.7. Orders fell into negative territory while shipments retreated slightly but stayed positive. The six-month outlook worsened to 25.8 in June from 29.8 in May. This is the lowest level since January 2013.