New York Region's June Manufacturing Growth Levels Off

Business conditions for manufacturers in the New York region were nearly unchanged from last month's multi-year high, according to measurements by the Federal Reserve Bank of New York. The New York Fed's Empire State Manufacturing Index nonetheless showed that new orders climbed eight points to 18.4, its highest level in four years. The shipments index inched down to 14.2, while he unfilled orders index held steady at a level close to zero. The indexes for both prices paid and prices received were slightly lower, suggesting a slower pace for price increases. Labor market conditions continued to improve, with indexes pointing to a modest increase in employment levels and hours worked. Indexes for the six-month outlook "remained highly optimistic," with the future new orders and shipments indexes recording notable gains.