Manufacturing activity in New York State stabilized unexpectedly in June after three months of broad weakness brought on by coronavirus-related business shutdowns, and companies' six-month outlook shot to a decade high, the New York Federal Reserve said on Monday.
FILE PHOTO: A woman runs past the Charging Bull sculpture in the Financial District as streets remain less busy due to the continuing outbreak of the coronavirus disease in the Manhattan borough of New York U.S., May 5, 2020. Picture taken May 5, 2020 at 6:42PM. REUTERS/Lucas Jackson
The regional Fed bank’s Empire State Manufacturing Index surged 48 points to a reading of negative 0.2 from negative 48.5 in May. Economists polled by Reuters were looking for a reading of negative 29.8, according to the survey median.
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