The Empire State Manufacturing Survey showed "business activity leveled off in New York State," the Federal Reserve Bank of New York reported Monday, as the general business conditions index decreased to negative 1.0 in May from positive 5.2 in April.

Economists surveyed by Thomson Reuters had expected the index would be 7.0.

The new orders index fell to negative 4.4 from positive 7.0, while the shipments index slid to 10.6 from 13.7, and unfilled orders declined to negative 3.7 from positive 12.4, the Fed said.

The delivery time index dropped to 6.7 from 16.1, while the inventories index fell to negative 0.7 from positive 3.6 in the prior survey. The prices paid index slid to 20.9 from 32.8, while the prices received index decreased to 4.5 from 12.4. The number of employees index fell to 11.9 from 13.9, while the average employee workweek index slipped to 7.5 from 8.8, the Fed reported.

Looking six months into the future, the general business conditions index dipped to 39.3 from 39.9 last month. The new orders index gained to 33.2 from 31.0, while the shipments index rose to 37.8 from 29.2, and unfilled orders fell to 5.2 from 14.6, the Fed said. The delivery time index declined to 3.0 from 7.3, while the inventories index increased to 14.2 from 13.9.

The prices paid index grew to 38.1 from 37.2, while the prices received index slipped to 22.4 from 25.5. The number of employees index slid to 17.2 from 19.7 while the average employee workweek index fell to 5.2 from 17.5, the Fed reported. The capital expenditures index decreased to 13.4 from 27.7. The technology spending index fell to 13.4 from 15.3.

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