Factory activity cools in New York region

Factory activity cools in New York region - Empire State gauge downshifts to 2.3, weakest since November
15 June 2012, by Greg Robb - Washington (MarketWatch)
http://www.marketwatch.com/story/factory-activity-cools-in-new-york-region-2012-06-15

Excerpt:

Manufacturing growth in the New York region slowed in June to the worst reading in eight months, according to data released Friday — the latest piece to add to concerns over the weak pace of expansion of the U.S. economy.

The Empire State index fell to 2.3 in June from 17.1 in May, according to the manufacturing survey released by the New York Federal Reserve.

It’s the lowest reading since last November, though any reading above zero indicates expansion.

“This level suggests that activity expanded over the month, but only slightly,” the New York Fed said.

The size of the drop was a surprise. Economists surveyed by MarketWatch had expected the index to pull back to 12.8 from 17.1 in May.

A key barometer of future activity that asks manufacturers about expectations six months ahead fell in June to 23.1, the lowest level seen since last October.

This is the fifth consecutive monthly decline. The index was 29.3 in May.