By Greg Robb
WASHINGTON (MarketWatch) - The Empire State manufacturing index declined sharply to 2.3 in June, the New York Federal Reserve Bank said Friday. The decline was larger than expected. Economists polled by MarketWatch expected the index to pull back to 12.8 in June. The index had rebounded in May to 17.1 after having fallen sharply in April. In June, underlying conditions were also poor. The new orders and shipment indices decreased. Two readings on employment were weaker. The index for prices paid pulled back. A reading of expected conditions in six-months retreated to 23.1 in June from 29.3 in May, the fifth straight monthly decline.
