LIVE MARKETS-How do you like New York in June now?
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HOW DO YOU LIKE NEW YORK IN JUNE NOW?
New York State factory activity has contracted more steeply this month than economists anticipated.
The New York Fed's Empire State index USEMPM=ECI landed at -16.0, worse than May's -9.2 reading, and printing 10.5 points below consensus.
A negative Empire State reading indicates monthly contraction.
Drilling down, the new orders component flipped sharply negative, to -14.2 from 7.0 in May, while the employment index moved the opposite direction, bounding into expansion at 4.7 versus May's -5.1 number.
Prices paid, an inflation predictor, cooled 12.2 points to a still-elevated 46.8, and the six-month outlook for business conditions bounded from -2.0 to a robust 21.2.
"The composition of the report was mixed-to-weak," says a Goldman Sachs research note, which adds that despite this month's surge the business conditions outlook "remained below its February level."
The Philadelphia Federal Reserve is expected to release its Philly Fed report on Friday, which should help provide a clearer picture of the state of Atlantic region manufacturing.
(Stephen Culp)
EARLIER ON LIVE MARKETS:
U.S. STOCKS GREEN AT THE TOP OF FED WEEK CLICK HERE
S&P 500 INDEX LOOKING TO GET BACK ON TRACK CLICK HERE
THE CASE FOR EUROPE: UBS FINDS 'MOSTLY SCEPTICISM' CLICK HERE
DOMESTICS TO KEEP OUTSHINING EXPORTERS - JPM CLICK HERE
EUROPE'S STOCKS RESILIENT CLICK HERE
BEFORE THE BELL: EUROPEAN FUTURES STEADY, EYES ON KERING CLICK HERE
MARKETS IN WAIT-AND-SEE MODE ON MIDEAST CLICK HERE
Empire State 
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