Manufacturers across the state, and service firms in the metropolitan area, have lowered their sales forecasts for the second half of this year, according to two surveys released Monday.
The Federal Reserve Bank of New York said more than six in 10 factories had “modified” revenue projections downward for the July-December period.
More than four in 10 service firms had reduced their revenue forecasts.
The bank also asked factory and service industry executives about how their hiring and capital spending in the first six months of 2016 compared with earlier plans.
“Hiring has been slightly less than planned, on balance, among both manufacturing and service sector respondents,” the bank said. “Capital spending has been running less than planned among manufacturing respondents, but ahead of plan . . . among service sector firms.”
The polls were conducted by the bank earlier this month of about 100 manufacturers in the state and about 100 retailers and other service firms on Long Island, in New York City and its northern suburbs.
Twenty-three percent of factories and 39 percent of service firms said they had not changed their sales forecasts for the second half of 2016.
Sixteen percent and 20 percent, respectively, said they expected higher revenue than they had originally planned for.
The New York Fed said the results were pessimistic compared with two similar polls conducted in July 2015.
At that time, nearly five in 10 manufacturers and four in 10 service firms had reduced their sales forecasts for second half of 2015.