Source: Sharecast
June's reading came in well below expectations of a modest improvement to -5.5, pointing to a continued decline in business activity across New York State. It also marked the weakest reading since March's two-year low of -20.
New orders and shipments declined to -14.2 and roughly 0, respectively, while delivery times held steady, and supply availability worsened. Inventories were little changed, while employment grew slightly.
Input price increases slowed but remained substantial, while selling price increases picked up. However, firms turned optimistic about the outlook for business, with the future general business conditions index rising above zero for the first time since March.
"Business activity continued to contract in New York State in June. However, employment grew slightly for the first time in several months. Firms also turned positive about the outlook for future business conditions, expecting activity to increase in the months ahead," said Richard Deitz, economic research advisor at the New York Fed.
Reporting by Iain Gilbert at Sharecast.com