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Manufacturing activity declined in New York State in May, another worrying trend of economic slowdown.
Source: Federal Reserve Bank of New York
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The New York Fed’s Empire State business conditions, a measure of manufacturing activity in the state, dropped to -11.6 this month, down from +24.6 in April.
Companies reported that new orders fell sharply this month as shipments dropped at the fastest rate since early in the pandemic. Growth in unfilled orders declined too.
Labour market indicators pointed to a moderate jump in employment and the average workweek. Both prices paid and prices received dropped slightly but remained elevated.
20% of respondents reported that conditions had improved over the month, while 32% reported that conditions had deteriorated.
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