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Factory activity in New York state drops in May

The New York Federal Reserve announced on Monday that its Empire State index of current trading conditions fell 36.2 points to a reading of -11.6 this month. A reading below zero signals a contraction in New York’s manufacturing sector.

Manufacturers signaled a sharp drop in orders. The survey’s new orders index plummeted 33.9 points to -8.8. The metrics for shipments and unfulfilled orders also saw massive declines. Factories continued to wait a long time for delivery of supplies, which kept prices high.

Manufacturers were slightly optimistic about the outlook for the next six months. The future trading conditions index rose 2.8 points to a reading of 18.0. The capital expenditure index fell 6.4 points to 25.4.

(This article is edited to correct the first paragraph to show that activity fell for the third time this year and not the second time).

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