US Empire State Manufacturing index dropped by a record -26 pts to -8.6 in June. That’s much worse than expectation of 11. It’s also the first negative reading in more than two years. Looking at some details, new orders receded, while shipments increased modestly. Unfilled orders fell, and delivery times and inventories moved slightly lower. Labor market indicators pointed to small declines in employment and hours worked.

Index for future business conditions dropped -5 pts to 25.7. capital expenditure index dropped -11 pts to 10.5, pointing to slower growth in capital spending. Firms expected solid increases in employment but no change in the average workweek in the months ahead.

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