New York Fed manufacturing index rebounds from 22-month low, still in negative

By Ovunc Kutlu

ANKARA (AA) - New York Fed manufacturing index rebounded from its lowest level in 22 months, but remained in the negative territory in June, according to the Federal Reserve Bank of New York on Wednesday.

The Empire State Manufacturing Index, which measures the level of general business conditions in the state of New York, fell to minus 11.8 last month, its lowest since May 2020. The index rose to minus 1.2 in June, but failed to recover from the negative territory.

The market expectation for the index was to come in at 3.0 in June.

While a level above 0 indicates improving conditions, below that shows worsening conditions.

"New orders and shipments edged slightly higher, and unfilled orders declined for the first time in over a year. Delivery times lengthened at a slower pace than in recent months, and inventories grew significantly," the New York Fed said in its Empire State Manufacturing Survey.

"Optimism about future conditions was subdued for a third consecutive month," it added.