Business activity fell sharply in New York State, according to firms responding to the May 2023 Empire State Manufacturing Survey. The headline general business conditions index dropped forty-three points to -31.8. New orders and shipments plunged after rising significantly last month. Delivery times shortened somewhat, and inventories contracted. Both employment and hours worked edged lower for a fourth consecutive month. Prices increased at about the same pace as last month. Capital spending plans turned sluggish. Looking ahead, businesses continued to expect little improvement in conditions over the next six ... (full story)

Headline index drops 42.6 points to negative 31.8 The numbers: The New York Fed's Empire State business conditions index, a gauge of manufacturing activity in the state, plunged 42.6 points in May to negative 31.8, the regional Fed bank said Monday. Economists had expected a reading of negative 5, according to a survey by the Wall Street Journal. Any reading below zero indicates deteriorating conditions. Key details: The index for new orders dropped 53.1 points to negative 28 in May, reversing completely a sharp 46.7 point gain in April. The shipments index fell 40.3 points to negative 16.4, almost reversing a 37.3 ... (full story)