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The New York Federal Reserve released its survey on Monday. The NY Fed Empire State manufacturing index declined to -1.98 in June from 3.09 in May, missing expectations for an increase to 5.2. It was lowest level since January 2013.
The decline was driven by a drop in new orders. The new orders index dropped to -2.12 in June from 3.85 in May.
The price-paid index increased to 9.62 in June from 9.38 in May.
The index for the number of employees climbed to 8.65 in June from 5.21 last month.
The general business conditions expectations index for the next six months was down to 25.84 in June from 29.81 in May.
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