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Listen to this articleBusiness activity continued to decline in New York in May, according to firms responding to the Federal Reserve Bank of New York’s Empire State Manufacturing Survey.
“Manufacturing conditions remained sluggish in New York state in May, with activity and orders continuing to decline,” said Richard Deitz, economic research advisor at the New York Fed. “Labor market conditions were also weak, as employment and hours worked both fell.”
The headline general business conditions index was little changed at -15.6. New orders declined significantly, while shipments held steady.
The index for number of employees came in at -6.4, and the average workweek index moved up to -5.8, pointing to an ongoing decline in employment levels and hours worked.
Though firms expect conditions to improve over the next six months, optimism was subdued.
The index for future business conditions edged down two points to 14.5, with about a quarter of respondents expecting conditions to be worse in six months, though 40 percent expect improvement.
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