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The June reading of the Empire State Manufacturing Index, a regional survey of manufacturing industry business owners by the New York Fed, was quite bad.

Details: The headline reading was -8.6, down from 17.8 the month before, the largest monthly decline ever recorded.

  • The survey was also the lowest reading since October 2016.
  • It was expected to be 11.0, and the nearly 19-point miss is the biggest since November 2010.
  • The details were also bad, with new orders falling 20 points, prices received down 6 points, shipments down 7 points and number of employees falling 8 points.

Yes, but: "This looks terrible, but it won't last," says Ian Shepherdson, chief economist at Pantheon Macroeconomics, in a note to clients. "The survey is conducted during the first 10 days of the month so it likely reflects the peak of Mexico tariff fear. ... During that period, businesses appear to have panicked."

Go deeper: Manufacturing is falling fast and hard

Go deeper

Scoop: FDA chief called to West Wing

Stephen Hahn. Photo: Mandel Ngan/AFP via Getty Images

White House Chief of Staff Mark Meadows has summoned FDA commissioner Stephen Hahn to the West Wing for a 9:30am meeting Tuesday to explain why he hasn't moved faster to approve the Pfizer coronavirus vaccine, two senior administration officials told Axios.

Why it matters: The meeting is shaping up to be tense, with Hahn using what the White House will likely view as kamikaze language in a preemptive statement to Axios: "Let me be clear — our career scientists have to make the decision and they will take the time that’s needed to make the right call on this important decision."

Scoop: Schumer's regrets

Photo illustration: Eniola Odetunde/Axios. Photo: Mark Wilson/Getty Images   

Chuck Schumer told party donors during recent calls that the death of Ruth Bader Ginsburg and the fact that Cal Cunningham "couldn't keep his zipper up" crushed Democrats' chances of regaining the Senate, sources with direct knowledge of the conversations tell Axios.

Why it matters: Democrats are hoping for a 50-50 split by winning two upcoming special elections in Georgia. But their best chance for an outright Senate majority ended when Cunningham lost in North Carolina and Sen. Susan Collins won in Maine.

Trump's coronavirus adviser Scott Atlas resigns

Photo: Nicholas Kamm/AFP via Getty

Scott Atlas, a controversial member of the White House coronavirus task force, handed in his resignation on Monday, according to three administration officials who discussed Atlas' resignation with Axios.

Why it matters: President Trump brought in Atlas as a counterpoint to NIAID director Anthony Fauci, whose warnings about the pandemic were dismissed by the Trump administration. With Trump now fixated on election fraud conspiracy theories, Atlas' detail comes to a natural end.