A measurement of the manufacturing sector in New York took a dive in June, falling to its lowest level since November of 2011.
The Federal Reserve Bank of New York's Empire State manufacturing index declined to 2.3 in June, indicating only slight expansion in the past month.
Thirty-one percent of respondents reported that conditions had improved over the month, while 28 percent reported that conditions had worsened.
New orders and shipments were off while unfilled orders remained negative.
The new orders index fell six points to 2.2, indicating a slight rise in orders. Employment indices, while lower, remained positive, indicating higher employment levels and a longer average workweek, the Fed said.
Also, the future general business conditions index fell for a fifth consecutive month, down six points to 23.1.