Intraday Economic News: New York Fed Empire State Index Falls To Negative 7.8 Jun 11
- ID: 1825356
- June 2011
- Region: New York
- Standard & Poors
The New York Fed Empire State index plunged 19.7 points to a negative 7.8 in June. It comes after the 10-point drop to 11.9 in May and was much weaker than the rebound to 13.5 that consensus expected. New orders plummeted to negative 3.6 from 17.2 in May while the employment index dropped to 10.2 from 24.7 the month before. The price readings also weakened, with the prices paid decreasing more than 13 points to 56.1 and prices received falling to 11.2 from 28.0 the month before. The report was much worse than expected, increasing market concerns that the slowdown will not be short lived, as previously expected....
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