New York Manufacturing Shrank in May as New Orders Fall

Manufacturing in New York state shrank for the first time in seven months in May, as new orders fell and shipments grew more slowly.

The Federal Reserve Bank of New York said Monday that its Empire State manufacturing index dropped last month to minus 1, from 5.2 in April. Any reading below zero signals contraction.

The index measures sentiment in New York, but is followed by economists because it provides an early read on factory output nationwide. U.S. factories have been expanding since the fall, after an 18-month slump caused by low oil prices, which lowered demand for drilling equipment.

The new orders index tumbled to minus 4.4 from 7, while the shipments index declined to 10.6 from 13.7. A gauge of hiring slipped to 11.9, still a solid reading, from 13.9.

Ian Shepherdson, chief economist at Pantheon Macroeconomics, said the index’s decline was “disappointing, but not disastrous.”

“The big

admin

admin

Leave a Reply

Recent Posts

Trump Supporters: Get Your 2020 'Keep America Great' Shirts Now!

Are you a proud supporter of President Donald Trump?

If so, you’ll want to grab your 2020 re-election shirt now and be the first on your block to show your support for Trump 2020!

These shirts are going fast so click here to check for availability in your area!

-> CHECK AVAILABILITY HERE


More Popular Stuff for Trump Supporters!

MUST SEE: Full Color Trump Presidential Coin (limited!)

Hilarious Pro Trump 'You are Fake News' Tee Shirt!

[Exclusive] Get Your HUGE Trump 2020 Yard or House Flag!

<