The NY Federal Reserve’s Empire State Manufacturing Survey indicated that statewide manufacturing “activity held steady in June after deteriorating sharply over the prior two months.” The index climbed +48.3 points, its largest-ever one-month increase, to -0.2 (a reading above 0.0 is consistent with expansion). The rebound was led by Shipments (up +42.3 to +3.3) and New Orders (up +41.8 to -0.6). Approximately 36% of NYS manufacturers reported that conditions improved in June, 36% reported conditions worsened, while the remainder indicated conditions were relatively unchanged. Manufacturers were much more optimistic about the future, pushing the index for future business conditions up +27.0 points to +56.5, its highest reading since October 2009. See the full report here.
