New York Manufacturing Index Unexpectedly Drops To -16.0 In June

(RTTNews) - According to a report released by the Federal Reserve Bank of New York on Monday, New York manufacturing activity fell for a fourth consecutive month in June.

The New York Fed said its general business conditions index slid to a negative 16.0 in June from a negative 9.2 in May, with a negative reading indicating contraction. Economists had expected the index to climb to a negative 5.5.

Meanwhile, the New York Fed said firms turned optimistic about the outlook, with the future general business conditions index turning positive for the first time since March.