The The Bank of New York’s Federal Reserve Empire manufacturing index fell sharply in May to -11.6 points from +24.6 in April. The result has disappointed the expectations of the market, which expected a more moderate decline to +15.5.
After strong growth last month, business activity declined in New York state, according to businesses responding to the May 2022 Empire State Manufacturing Survey. The General Business Conditions Index fell thirty-six points to -11.6 .
The new orders slowed and shipments fell at the fastest pace since the start of the pandemic. Delivery times continued to lengthen and inventories expanded. Labor market indicators point to a modest increase in employment and the average working week. Both the prices paid and prices received indices moved lower, but are still high. Looking ahead, optimism about the six-month outlook remains subdued.
Source: Fx Street
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