'Empire State' index registers smaller-than-expected rebound in June
Manufacturing activity in the state of New York and part of New Jersey improved by a tad less than expected in June, the results of a closely-followed survey revealed.
The so-called Empire State index increased from a reading of -11.6 for May to -1.2 for June.
A gauge for new orders fared better, rising from -15.4 to 4.0 and therefore indicating growth while the sub-index tracking firms' delivery times dropped from 20.2 to 14.5.
Sub-indices for prices paid and staff numbers rose from 73.7 to 78.6 and from 14.0 to 19.0, respectively.
The survey covers the jurisdiction of the Federal Reserve Bank of New York, which includes the state of New York; Fairfield County in Connecticut; and 12 counties in northern New Jersey with the NY Fed also serving the Commonwealth of Puerto Rico and the U.S. Virgin Islands.