New York Manufacturing Index Plunges

The Federal Reserve Bank of New York reported that the Empire State Manufacturing Index dropped to its lowest level in seven months, down from 17.1 in May to just 2.3 in June as shown below via Econoday, still indicating a modest expansion.

The important new orders component also tumbled, down from 8.3 to 2.2, and shipments plunged from 24.1 to 4.8 while employment dropped from 20.5 to 12.4.

Note that all of these readings continue to indicate expansion, however, the expansion appears to be quickly losing steam, last month’s Philadelphia manufacturing survey already indicating a modest contraction as indicated above.