U.S. Manufacturing Growth Falls Back to 2011 Lows

NEW YORK (Reuters) – A gauge of manufacturing in New York state fell sharply in June to its lowest level since November 2011 but still showed growth, the New York Federal Reserve said in a report on Friday.

The New York Fed’s “Empire State” general business conditions index fell to 2.3, a 15-point drop from the month before and the lowest level since November 2011, and far below economists’ expectations of 13.

Employment gauges also dropped, and indexes for the six-month outlook fell for the fifth consecutive month to 23.1, suggesting waning optimism about the medium-term. The shipments index dropped 19 points to 4.8, and the prices paid and new orders indexes also fell to their lowest levels since November 2011.”

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