NY Fed Manufacturing Growth Slows Sharply in June

Reuters

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.

Continue Reading Below

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.