New York Manufacturing Index Edges Modestly Lower In May
(RTTNews) - A report released by the Federal Reserve Bank of New York said regional manufacturing activity continued to decline modestly in the month of May.
The New York Fed said its general business conditions index edged down to a negative 9.2 in May from a negative 8.1 in April, with a negative reading indicating contraction. Economists had expected the index to dip to a negative 10.0.
The slight drop by the headline index partly reflected a continued decrease by employment, as the number of employees index fell to a negative 5.1 in May from a negative 2.6 in April.
Meanwhile, the report showed turnarounds by new orders and shipments. The new orders index surged to a positive 7.0 in May from a negative 8.8 in April, while the shipments index climbed to a positive 3.5 in May from a negative 2.9 in April.
While the report also said the prices paid index jumped to 59.0 in May from 50.8 in April, the prices received index slid to 22.9 in May from 28.7 in April.
Looking ahead, the New York said firms remained pessimistic about the outlook, although the future general business conditions index climbed to a negative 2.0 in May from a negative 7.4 in April.
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