Manufacturing conditions remain weak across NY, survey shows

Business activity declined modestly in New York in June, according to firms responding to the Federal Reserve Bank of New York’s Empire State Manufacturing Survey.

The headline general business conditions index moved up ten points but remained below zero at 6.0.

Additional results were mixed.

New orders held steady, while shipments inched higher. Delivery times shortened somewhat, and supply availability was little changed. Inventories were flat.

“Employment continued contracting and capital spending plans remained flat,” added Richard Deitz, economic research advisor at the New York Fed.

Firms, however, were more optimistic about the outlook than they have been in two years.

The index for future business conditions climbed sixteen points to 30.1, with close to half of respondents expecting conditions to be better in six months.

Despite the optimism, the outlook for employment growth remained weak and capital spending plans still appeared sluggish, survey respondents showed.

Survey responses were collected between June 3 and June 10.

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