Economists surveyed by Dow Jones Newswires expected index to decline to 10.7.
6/15/12, "NY Fed Manufacturing Index Drops Sharply," Dow Jones, K. Madigan, via 4-trade
"An index covering New York manufacturing activity dropped nearly 15 points, barely staying in expansionary territory this month, according to the Federal Reserve Bank of New York's Empire State Manufacturing Survey released Friday.
The Empire State's business conditions index declined to just 2.29 in June from 17.09 in May. June's reading was the lowest since November 2011.
"Manufacturing activity in New York State expanded slightly over the month," the report said.
Economists surveyed by Dow Jones Newswires had expected the index to decline, but only to 10.7.
The Empire subindexes deteriorated in June.
The new orders index fell to 2.18 from 8.32 in May.
The shipments index plunged to 4.81 after hitting a year-high of 24.14 last month.
Labor conditions worsened. The employment index slowed to 12.37 from 20.48, and the
- workweek index fell sharply
- to 3.09 from 12.05.
Price measures eased again this month. The prices paid index fell to 19.59 in June from 37.35 in May and 45.78 in April. The prices received index plunged to 1.03 from 12.05 last month and 19.28 in April.
Optimism about the future also eased this month.
The general business conditions expectations index for the next six months slowed to 23.13 from 29.26 in May."...
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6/15/12, "Factory activity cools in New York region," Marketwatch
"A key barometer of future activity that asks manufacturers about expectations six months ahead fell in June to 23.1, the lowest level seen since last October. This is the fifth consecutive monthly decline. The index was 29.3 in May. See full survey."
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