New York manufacturing posted a drop for the second straight month in June, according to data released by the regional Fed bank on Tuesday.
The general business conditions index slipped seven points to 17.4 in June after the two-point drop to 24.3 in May. A reading above zero indicates an expansion.
Gains in both new orders and shipments cooled during the month, while unfilled orders climbed and delivery times increased.
Modest gains in employment and hours worked were indicated by the steady index for number of employees held and the slight drop in the average workweek index.
Firms remain hopeful about future business conditions, with the index up 11 points to 47.7. Indexes for future new orders and shipments likewise climbed to similar levels.
The survey was sent to a pool of about 200 manufacturing executives in New York and responses were collected from June 2 to 9.
