(Kitco News) – The manufacturing in the New York region hit a speed bump last month as activity slowed more than expected, according to the latest data from the New York Federal Reserve.
Tuesday, the regional central bank said its Empire State manufacturing survey’s general business conditions index fell to a reading of 17.4 in June, down up significantly from May’s reading of 24.3. The data was worse than expected as consensus forecasts were calling for a reading around 22.2.
The gold market is struggling to find some bullish momentum in initial reaction to a slate of weaker than expected data. August gold futures last traded at $1,866.90 an ounce, up 0.05% on the day.
The report noted broad-based declines within the regional manufacturing sector. The new orders index dropped to a reading of 16.3, down from April’s reading of 28.9. The labor market also contracted slightly with the employee index falling to 12.3, down from the previous level of 13.6.
Inflation pressure also eased slightly with the prices paid index falling to 79.8, down from April’s level of 83.5.