Empire State manufacturing index posts first negative reading in two years
The numbers: The New York Fed’s Empire State business conditions index took a sharp turn for the worse in June, falling into negative territory for the first time in more than two years.
Any reading below zero indicates a contraction in activity. The last time the index was negative was in October 2016. Big picture: Manufacturing has been a weak link in the economy this year, buffeted by uncertainty caused by tough U.S. trade policy against China and Mexico and a slowing of activity overseas. Auto sales are set to be lower this year. The large pullback might bolster the case for a near-term interest-rate cut when Federal Reserve officials meet on Tuesday and Wednesday.
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