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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

manufacturing-reuters
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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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