New York Manufacturing Activity Little Changed In June

empire state index 061522 lt

The Federal Reserve Bank of New York released a report on Wednesday showing regional manufacturing activity was little changed in the month of June.

The report showed the general business conditions index rose to a negative 1.2 in June from a negative 11.6 in May, with a negative reading indicating a contraction in regional manufacturing activity. The index was expected to jump to a positive 3.0.

The increase by the headline index came as the new orders index jumped to a positive 5.3 in June from a negative 8.8 in May, while the shipments index surged to a positive 4.0 from a negative 15.4.

The New York Fed also noted unfilled orders declined for the first time in over a year, delivery times lengthened at a slower pace than in recent months, and inventories grew significantly.

While the report also showed the prices paid index rose to 78.6 in June from 73.7 in May, the prices received index fell to 43.6 from 45.6.

Looking ahead, the New York Fed said optimism about the six-month outlook remained muted, with the index for future business conditions falling to 14.0 in June from 18.0 in May.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Foxconn, Apple Inc.'s key iPhone assembler, expects that its major plant in China, which is being hit hard by worker unrest following Covid-19 spread and related restrictions, would restart full production around late December to early January, Reuters reported citing a Foxconn source. Nestle Purina PetCare Co. has recalled a limited amount of certain prescription wet dog food citing labeling error, the U.S. Food and Drug Administration said. The recall involves Purina Pro Plan Veterinary Diets EN Gastroenteric Low Fat or PPVD EN Low Fat wet dog food that comes in 13.4 oz cans. Exportadora Copramar is recalling 1260 cases of James Farm frozen raspberries citing potential to be contaminated with Hepatitis A, the U.S. Food and Drug Administration said. The recall involves James Farm branded frozen raspberries identified by UPC Code: 76069501010 and Lot Code - 22-165.
Follow RTT