WASHINGTON (dpa-AFX) - The Federal Reserve Bank of New York released a report on Wednesday showing regional manufacturing activity was little changed in the month of June.
The report showed the general business conditions index rose to a negative 1.2 in June from a negative 11.6 in May, with a negative reading indicating a contraction in regional manufacturing activity. The index was expected to jump to a positive 3.0.
The increase by the headline index came as the new orders index jumped to a positive 5.3 in June from a negative 8.8 in May, while the shipments index surged to a positive 4.0 from a negative 15.4.
The New York Fed also noted unfilled orders declined for the first time in over a year, delivery times lengthened at a slower pace than in recent months, and inventories grew significantly.
While the report also showed the prices paid index rose to 78.6 in June from 73.7 in May, the prices received index fell to 43.6 from 45.6.
Looking ahead, the New York Fed said optimism about the six-month outlook remained muted, with the index for future business conditions falling to 14.0 in June from 18.0 in May.
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