Empire State Manufacturing Survey Plummets in May

Written by Sandy Williams

New York manufacturers reported declining general business conditions in the May Empire State Manufacturing Survey. The headline index fell 19 points to -9.0. The indexes for shipments and new orders both fell into negative numbers at -1.94 and -5.54, respectively.

The three month moving average (3MMA) of the index rose from -2.15 in April to +0.39 in May. This time last year, the 3MMA was +2.90.

Input prices increased slightly while selling prices decreased somewhat. The inventory index suggests inventories were lower.

Employment levels were relatively unchanged other than a decline in average workweek hours.

In the six month outlook, manufacturers were less optimistic than in April regarding future general business conditions. New orders and shipments trended lower in the future outlook. Capital spending plummeted from an index reading of 22.12 in April to 3.13 in May, the lowest reading in more than two years.

The Empire State Manufacturing Survey is conducted monthly by the Federal Reserve Bank of New York.

Below is a graph showing the history of the Empire State Manufacturing Index. You will need to view the graph on our website to use it’s interactive features, you can do so by clicking here. If you need assistance with either logging in or navigating the website, please contact our office at 800-432-3475 or

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