The Empire State Manufacturing Survey showed "business activity declined for New York manufacturers," the Federal Reserve Bank of New York reported Monday, as the general business conditions index plunged to negative 9.02 in May from positive 9.56 in April.
Economists surveyed by Thomson Reuters had expected the index would be positive 6.5.
The new orders index fell to negative 5.54 from positive 11.14, while the shipments index slid to negative 1.94 from positive 10.17, and unfilled orders widened to negative 6.25 from negative 0.96, the Fed said.
The delivery time index slumped to negative 6.25 from positive 0.96, while the inventories index declined to negative 7.29 from negative 4.81 in the prior survey. The prices paid index dipped to 16.67 from 19.23, while the prices received index reversed to negative 3.13 from positive 2.88. The number of employees index climbed to 2.08 from 1.92, while the average employee workweek index dropped to negative 8.33 from positive 1.92, the Fed reported.
Looking six months into the future, the general business conditions index slid to 28.48 from 29.40 last month. The new orders index fell to 22.43 from 36.55, while the shipments index decreased to 24.37 from 37.18, and unfilled orders increased to 10.42 from 2.88, the Fed said. The delivery time index decreased to 2.08 from 4.81, while the inventories index gained to zero from negative 1.92.
The prices paid index climbed to 28.13 from 27.88, while the prices received index rose to 6.25 from 5.77. The number of employees index slid to 10.42 from 13.46, while the average employee workweek index dropped to 5.21 from 10.58, the Fed reported. The capital expenditures expectations index fell to 3.13 from 22.12. The technology spending index declined to 6.25 from 21.15.
