This morning the New York Fed reported that the empire state manufacturing index declined in July to -5.85, a sudden drop on analyst expectations of plus 7 and below July’s figure of plus 7.38.

Only 22.05% of businesses surveyed reported increases in general business conditions, while 27.05% reported decreases. The resulting -5.85 is the lowest figure since October of 2011.

Tags: Empire State Manufacturing Survey, Manufacturing, New York, New York Federal Reserve Bank