Last months spike up that was hailed as a turn around now looks like an aberration:

NY Manufacturing Falls The Most on Record

The New York Empire State Manufacturing Index plummeted 26.4 points from the previous month to -8.6 in June, missing market expectations of +10. That was the largest monthly decline on record, due to drop in both new orders and employment, while shipments increased at a slower pace.

The Trump tax cuts gave a one time boost to earnings, and now the tariffs are working against earnings: