Manufacturing conditions deteriorated in New York State in May according to the latest Empire State Manufacturing Survey. The general business conditions index slid six points to -1.0. The index is now down 19 points since its February high of 18.7. Economists were expecting the headline index to come in at a positive 7.0 for the month.
New orders and shipments both declined with index readings of -4.4 and 10.6, respectively. The unfilled orders index plummeted 16 points to -3.7; the delivery time index fell nine points to 6.7 indicating a slower pace of increase in delivery times.
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