by Bill McBride on 5/16/2016 08:39:00 AM
Monday, May 16, 2016
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.This was well below the consensus forecast of 7.0, and suggests manufacturing contracted in the NY region in May.
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.
Indexes for the six-month outlook generally suggested that firms were somewhat less optimistic about future conditions than they were in April.
Posted by Bill McBride on 5/16/2016 08:39:00 AM