Empire State Manufacturing expectedly slumped

Manufacturing activity in New York slumped unexpectedly.

The general business conditions index for July came in at 0.55.

Economists were expecting the index to come in at 5.00.

The July number "indicates that business activity flattened out for New York manufacturers," the report noted.

Last month, the index unexpectedly spiked to 6.01, compared to expectations of -4.90.