Manufacturing in New York state contracts again in May

Manufacturing activity in New York state declined for the third consecutive month, according to the May Empire State Manufacturing Survey from the Federal Reserve Bank of New York. Responding firms continue to forecast weaker business conditions in the coming months.

“Business activity continued to decline modestly in New York State in May,” commented New York Fed economic research advisor Richard Deitz. He explained that, “New orders and shipments increased after a decline last month, while supply availability worsened.”