Manufacturing activity declined slightly in June in the New York area, according to the local Fed's 'Empire State' survey, whose general conditions index gained ten points but remained below zero at -6.0.

New orders remained stable, while shipments rose slightly. Labor market conditions remained weak, with employment and hours worked continuing to contract.

The pace of increases in input and selling prices slowed slightly for the second consecutive month. Although current activity remains weak, optimism about the six-month outlook has reached its highest level in over two years.

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