Manufacturing activity in New York state fell sharply in May, according to the Empire State Manufacturing Survey released by the Federal Reserve Bank of New York. The headline general business conditions index plunged 43 points, to negative 31.8, drastically falling below the expected level of negative 2.5. The survey reveals that new orders and shipments also plummeted, in stark contrast to last month’s significant increase.
Employment and hours worked declined for a fourth consecutive month, and prices increased slightly.
