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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

Updated 17 mins ago - World

U.S. and UN express concern to Israel over Jerusalem violence

Israeli soldiers throw tear gas canisters at Palestinian demonstrators during a protest near the Jewish settlement of Beit El near Ramallah, in the occupied West Bank, on Sunday. Photo: Abbas Momani/AFP via Getty Images

The United Nations called on Israel Sunday to show "maximum restraint and respect the right to freedom of peaceful assembly" and National Security Adviser Jake Sullivan expressed "serious concerns" about violence in Jerusalem.

Driving the news: Over 250 Palestinians and several Israeli police officers have been wounded since Friday during protests over planned evictions of Palestinian families from their homes in the city's east — which Sullivan also expressed concern about, per a White House statement.

Emergency declaration issued in 17 states and D.C. over fuel pipeline cyberattack

Photo: Luke Sharrett/Bloomberg via Getty Images

The Biden administration said it's "working with" fuel pipeline operator Colonial Pipeline to try and restart operations after a ransomware attack took it offline.

Why it matters: Friday night's cyberattack is "the most significant, successful attack on energy infrastructure" known to have occurred in the U.S., notes energy researcher Amy Myers Jaffe, per Politico. A regional emergency

Ina Fried, author of Login
Updated 4 hours ago - Technology

Exclusive: GLAAD finds top social media sites "categorically unsafe"

The leading social media sites — Facebook, Twitter, Instagram, TikTok and YouTube — are all "categorically unsafe" for LGBTQ people, according to a new study from GLAAD, the results of which were revealed Sunday on "Axios on HBO."

The big picture: GLAAD had planned to give each of the sites a grade as part of its inaugural social media index, but opted not to give individual grades this year after determining all the leading sites would receive a failing grade.