New York, July 17, 2006--The Empire State Manufacturing index slipped to 15.6 in July from 29.0 in June, according to the Federal Reserve bank. This is the lowest level since October. The drop reflected declines in new orders and shipments.
Economists were expecting less of a drop, only to about 20.6. New orders fell to 10.29 in July--the lowest level in more than year-- from 25.81 in June, and the shipments index dropped to 11.30, nearly a 20 point slip from June's 30.32.
The employment index, however, rose slightly.
