Manufacturing growth in N.Y. slows

June 15, 2012 at 12:31 PM

NEW YORK, June 15 (UPI) -- Manufacturing expansion in New York slowed in June, with a business index sightly higher than break-even, the Federal Reserve Bank of New York said Friday.

The Empire State Manufacturing Survey indicates manufacturing activity is growing in New York, but the general business conditions index dropped 15 points to hit 2.3 with zero the break-even point between growth and contraction.

The new orders index fell six points, but remained positive at 2.2. The shipments index also fell, but remained positive, giving up 19 points to 4.8.

Both prices paid and received fell, the former dropping 18 points to 19.6 and the latter dropping 11 points to one.

The pattern held for both employment indexes. The index for the number of employees lost eight points to 12.4 while the index for hours worked lost nine points to 3.1.

The New York Fed said the future general business conditions index fell for the fifth consecutive month, dropping six points to 23.1.

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