NY factory output keeps slumping - Business First of Buffalo:

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The Empire State Manufacturing Indexd fellto minus-9.4 in June compared to a minus-4.t in May. A reading below zero indicates busineseis declining. Among the individual indices, new orderzs remained negative – about even with last month’s level, whilse shipments fell 6 pointsto minus-4.8. The inventoriee index declined and remained wellbelow zero. Price indexes were negative but modestly higher thanin May, and employmenty indexes stayed below zero.
The report did say futurre indices were generally positive and continued to conveying an expectation that business should improve over the nextsix Also, both the capital spending and technologyh spending indexes rose into positivwe territory for the first time since October of last In a supplementary question regarding capital spendingt in 2009, 56 percent of respondents reported reductions in overalkl capital spending in 2009, while just 20 percent reported increases.
Thesre results contrast fairly markedly with those of the June 2008 which showed nearly as many respondent s reportingincreases (32 percent) as decreases (36 Lower sales and cash flow were citecd as leading reasons for the anticipated