NEW YORK, June 17 Growth in the New York state
manufacturing sector picked back up in June, but the details
were less encouraging as new orders and employment fell to their
lowest levels in five months, a report from the New York Federal
Reserve showed on Monday.
The New York Fed's "Empire State" general business
conditions index rose to 7.84 from minus 1.43 in May, topping
expectations for zero. A reading above zero indicates expansion.
But the forward-looking new orders index fell to the lowest
level since January at minus 6.69 from minus 1.17, while
inventories tumbled to minus 11.29 from minus 7.95.
Employment gauges also worsened. The index for the number of
employees slipped to zero from 5.68 and the average employee
workweek index dropped to minus 11.29 from minus 1.14.
U.S. stock index futures held their gains immediately
following the data, with traders focused on the Federal
Reserve's policy meeting later this week. The dollar extended
gains against the yen and yields on U.S. Treasury securities
The outlook for firms was relatively resilient with the
index of business conditions six months ahead edging down only
slightly to 24.98 from 25.48.
The survey of manufacturing plants in the state is one of
the earliest monthly guideposts to U.S. factory conditions.