By Evan Sully
(Reuters) – The New York Federal Reserve said on Tuesday its barometer on manufacturing business activity in New York state declined for a second consecutive month in June.
The regional Fed’s “Empire State” index on current business conditions fell seven points to 17.4, lower than a reading of 23.0 forecast among analysts polled by Reuters.
A reading above zero signals the New York manufacturing sector is expanding.
New orders increased moderately, deliveries lengthened at a record-setting pace while inventories edged lower. New York’s manufacturing firms were optimistic. The survey’s six-month outlook gauge rose eleven points to 47.7. The indexes for new orders and shipments rose to similar levels.
(Editing by Chizu Nomiyama)
