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Economic Report: Empire State manufacturing index posts largest-ever drop into negative territory in June

Bloomberg News/Landov
Owner David Ablon works on a neon sign at the Precision Neon studio in Brooklyn.

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.

The Empire State manufacturing index plummeted 26.4 points to negative 8.6 in June, the New York Fed said Monday. That’s a record decline. Economists had expected a reading of positive 10, according to a survey by Econoday.

Any reading below zero indicates a contraction in activity. The last time the index was negative was in October 2016.

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