New York manufacturing activity continues to contract in June

By Ovunc Kutlu

ISTANBUL (AA) - Manufacturing activity in New York continued to contract in June, according to a report released Monday.

The Empire State Manufacturing Index, which measures the level of general business conditions in the state, rose 10 points to -6.0 in June, according to the Federal Reserve Bank of New York.

Readings above zero indicate improving conditions, while those below show worsening conditions.

The market expectation for the index was to come in at -12.5

The index plummeted 29 points to -43.7 in January, its lowest level since May 2020.

"Despite current activity remaining weak, optimism about the six-month outlook picked up to its highest level in more than two years," the New York Fed said in a statement.

"However, the outlook for employment growth remained weak, and capital spending plans still appeared sluggish," it added.