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Friday, June 14, 2024
HomeNewsEconomyEmpire State Manufacturing Survey Plummets Into Contraction in May

Empire State Manufacturing Survey Plummets Into Contraction in May


Surveys gauging manufacturing growth or contraction in Empire State. (REUTERS)

The Empire State Manufacturing Survey, the New York Federal Reserve’s gauge of activity in the region, plummeted in May to -9.02, down from 9.56 in April. The nineteen point decline marks a return to familiar contraction territory, where the regional index–like its companions–has remained for most of the year.

The results missed the median forecast. Wall Street had anticipated a smaller decline in the reading, one which still remained positive at 6.50. Readings above 0 point to expansion, while those below indicate contraction.

While the six-month outlook was only somewhat less optimistic in May than it was in April, and the capital spending index plummeted to 3.1, its lowest reading in more than two years.

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PPD Business, the economy-reporting arm of People's Pundit Daily, is "making sense of current events." We are a no-holds barred, news reporting pundit of, by, and for the people.

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