NY Fed Manufacturing Growth Slows Sharply in June

A gauge of manufacturing in New York state fell sharply in June but still showed growth, the New York Federal Reserve said in a report on Friday.

The New York Fed's "Empire State" general business conditions index fell to 2.3, a 15-point drop from the month before and the lowest level since November 2011, and far below economists' expectations of 13.

Employment gauges also declined slightly, and indexes for the six-month outlook fell for the fifth consecutive month to 23.1, suggesting waning optimism about the medium-term.

The survey of manufacturing plants in the state is one of the earliest monthly guideposts to U.S. factory conditions.