Empire State declines sharply to 2.3, weakest since November
By Greg Robb, MarketWatch
WASHINGTON (MarketWatch) — Manufacturing growth in the New York region slowed in June to the worst reading in eight months, according to data released Friday in what adds to concern over the weak pace of expansion of the U.S. economy.
By Greg Robb, MarketWatch
WASHINGTON (MarketWatch) — Manufacturing growth in the New York region slowed in June to the worst reading in eight months, according to data released Friday in what adds to concern over the weak pace of expansion of the U.S. economy.
The Empire State data are watched closely, because they are the first reading of the health of the manufacturing sector in June.
The new-orders index worsened to 2.2 in June from 8.3 in May. The shipments index also fell sharply to 4.8 from 24.1 in the prior month.
The price index continued to retreat with the prices-paid index falling 19 points to 19.6. This index has fallen by 31 points since March, a sign that inflation pressures are easing.
The index of the number of employees fell to 12.4 in June from 20.5 in the prior month. The average workweek index dropped to 3.1 in June from 12.1 in May.
Greg Robb is a senior reporter for MarketWatch in Washington.
