June Empire State Manufacturing Survey shows that manufacturing activity is increasing but that the pace is slowing markedly.

“The general business conditions index fell fifteen points, but remained positive at 2.3. The new orders index declined six points to 2.2, and the shipments index fell a steep nineteen points to 4.8,” says the report.

Price index was markedly lower as well, down 19.6 index points and prices received were down 11 index points.

Additional results show that:

- 43% of manufacturers expect to increase their capital spending

- 16% manufacturers expect reduction in cap-ex

- 31% says conditions are improving, 28% said they are worsening

- Employment index fell 8 points to 12.4

- Average workweek down 9 points to 3.1

- Future outlook down 6 points to 23.1

- Future new orders down 15 points to 15.5

- Expected number of employees index up to 16.5

Full report available here.