New York manufacturing activity continues to contract in May

By Ovunc Kutlu

ISTANBUL (AA) - Manufacturing activity in New York continued to contract in May, according to a report that was released Wednesday.

The Empire State Manufacturing Index, which measures the level of general business conditions in the state, fell 1.3 points to -15.6 in May from -14.3 in April, according to the Federal Reserve Bank of New York.

Readings above zero indicate improving conditions, while those below show worsening conditions.

The market expectation for the index was to come in at -9.9.

The index had plummeted 29 points to -43.7 in January, hitting its lowest since May 2020.

"New orders declined significantly, while shipments held steady," the New York Fed said in a statement. "Unfilled orders continued to decline."

"Labor market conditions remained weak, with employment and hours worked continuing to move lower," it said. "Though firms expect conditions to improve over the next six months, optimism was subdued."