by Calculated Risk on 6/17/2019 08:34:00 AM

From the NY Fed: Empire State Manufacturing Survey

Business activity took a sharp turn downward in New York State, according to firms responding to the June 2019 Empire State Manufacturing Survey. The headline general business conditions index plummeted twenty-six points, its largest monthly decline on record, to -8.6. New orders receded, while shipments increased modestly. Unfilled orders fell, and delivery times and inventories moved slightly lower. Labor market indicators pointed to small declines in employment and hours worked.

The index for number of employees fell eight points to -3.5, its first negative value in over two years, pointing to a small decline in employment levels. The average workweek index also fell below zero, to -2.2, pointing to a slightly shorter workweek.
emphasis added

This was well below the consensus forecast.