June 15, 2011, 10:24 a.m. EDT
June Empire State index plunges to negative figure
By Greg Robb, MarketWatch
WASHINGTON (MarketWatch) — Manufacturing activity deteriorated sharply in the New York region in June, raising concern that the slowdown seen in the factory sector that started in May could have marked the start of a contraction rather than a temporary soft patch.
The Empire State index fell below zero to -7.8 in June from 11.9 in May, according to the Empire State manufacturing survey released Wednesday by the New York Federal Reserve.
This is the first time the index has been below zero since last November.
“In one word, the report was ugly,” said Michael Montgomery, senior economist with IHS Global Insight.
Full story: http://www.marketwatch.com/story/june-empire-state-index-plunges-to-negative-figure-2011-06-15?dist=countdown
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