New York Manufacturing Index Pulls Back Sharply In June But Still Indicates Growth
(RTTNews) - After posting strong growth last month, New York manufacturing activity increased modestly in the month of June, according to a report released by the Federal Reserve Bank of New York on Monday.
The New York Fed said its general business conditions index plunged to 5.7 in June after jumping to 19.6 in May, although a positive reading still indicates growth. Economists had expected the index to fall to 12.5.
The sharp pullback by the headline index partly reflected a substantial slowdown in the pace of growth in new orders, as the new orders index plummeted to 3.5 in June from 22.7 in May.
The report also showed a steep drop by the shipments index, which tumbled to 8.6 in June from 18.9 in May.
Meanwhile, the number of employees index crept up to 9.6 in June from 8.3 in May, indicating a modest acceleration in the pace of job growth.
The New York Fed also said the prices paid index dipped to 61.0 in June from 62.6 in May, while the prices received index edged down to 31.4 in June from 31.8 in May.
Looking ahead, the New York Fed said firms maintained a fairly optimistic outlook for business activity, but the index for future conditions fell to 30.1 in June from 33.5 in May.
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