Manufacturing activity declined significantly in New York state, according to the May Empire State Manufacturing survey.
After jumping into positive territory last month, the general business conditions index plunged forty-three points to -31.8. Seventeen percent of respondents reported that conditions had improved over the month, while forty-nine percent reported that conditions had worsened.
The new orders index sank fifty-three points to -28.0, and the shipments index dropped forty points to -16.4, indicating that both orders and shipments declined after increasing in April. The unfilled orders index fell to -13.2, while the delivery times index fell to -5.7. The inventories index fell to -12.3.
The index for number of employees remained negative for a fourth consecutive month at -3.3 and the average workweek index held below zero at -3.5. The prices paid index was little changed at 34.9 and the prices received index held steady at 23.6.
The index for future business conditions edged up to 9.8, suggesting that firms do not expect activity to improve much over the next six months. New orders and shipments are expected to increase and employment and the average workweek are expected to edge somewhat higher.
The capital spending index fell to 0.9, its lowest level in three years, suggesting that capital spending plans weakened and the technology spending index fell to 1.9.
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