The Empire State Manufacturing survey recorded a slower improvement in business activity in New York State in May compared to the previous month.
Source: Federal Resource of New York.
The overall general business conditions index in the New York economy dropped 7 points to 17.4.
The rate of new orders and shipment increased moderately and the number of unfilled orders also increased.The delivery times index increased by 6 points to a new high, 29.8, implying longer delivery times.
Both capital spending and technology indexes fell, implying slower capital spending and technology spending commitment in the economy.
Firms are highly optimistic on the improvement of market conditions in the next 6 months as the employment index increases to record high.