Business activity in New York +17.4% in June, much below consensus

• June Empire State Manufacturing Index: +17.4 vs. +23 consensus and +24.3 prior.
• New Orders Index: +16.3 vs. +28.9 prior.
• Shipments Index: +14.2 vs.+29.7 prior.
• Number of employees index: +12.3 vs. +13.6 prior