Empire State Survey Improves in June, Manufacturers Optimistic

New York manufacturing conditions stabilized in June after two months of record decline. The Empire State Manufacturing Survey general business index climbed 48.5 points to register -0.2, well outpacing economic forecasts for a reading between -27 and -35. Thirty-six percent of firms surveyed indicated business conditions had improved, compared to 15 percent in May. New orders rose 42 points to -0.6 and shipments gained 42.3 points to register 3.3. Delivery times and inventories were steady during the month.

Employment levels declined slightly during June, but 18 percent of firms reported an increase in employment. Average work week data showed hours worked were still in decline, but at a slower pace.