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New York Manufacturing Index Plummets

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The Empire State Manufacturing Index for June, published this afternoon , revealed a stark downturn in manufacturing output for New York. The wide gap between expectations and the actual figure are ominous for the American economic recovery considering growth has been more than a bit sluggish this past quarter.

The forecast for this afternoon's report was for a positive reading of 13, but actual results came in at negative 7.8. The turnaround from growth in New York's manufacturing to drastic shrinkage suggests a wider problem in consumer demand, rising inflation (Core CPI rose 0.3%; higher than economist forecasts), and transportation costs for raw materials with crude oil prices soaring. The index highlights an impending slow-down over the summer months and a likely dismal second quarter for manufacturing and industry.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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