New York Manufacturing Index Pulls Back More Than Expected In June

(RTTNews) - After posting strong growth last month, New York manufacturing activity increased modestly in the month of June, according to a report released by the Federal Reserve Bank of New York on Monday.

The New York Fed said its general business conditions index plunged to 5.7 in June after jumping to 19.6 in May, although a positive reading still indicates growth. Economists had expected the index to fall to 12.5.

Looking ahead, the New York Fed said firms maintained a fairly optimistic outlook for business activity, but the index for future conditions fell to 30.1 in June from 33.5 in May.