Monday, May 16, 2016

NY Fed: May "General business conditions turned negative, falling nineteen points to -9.0"

by Bill McBride on 5/16/2016 08:39:00 AM

From the NY Fed: Empire State Manufacturing Survey

Business activity contracted for New York manufacturing firms, according to the May 2016 survey. Following a brief foray into positive territory in March and April, the general business conditions index fell back below zero, declining nineteen points to -9.0.
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Employment levels remained fairly steady, with the index for number of employees showing little change at 2.1, while the average workweek index declined ten points to -8.3—evidence that the average workweek was shorter this month.
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Indexes for the six-month outlook generally suggested that firms were somewhat less optimistic about future conditions than they were in April.
This was well below the consensus forecast of 7.0, and suggests manufacturing contracted in the NY region in May.