Friday, May 15, 2020

NY Fed: Manufacturing "Business activity continued to deteriorate significantly in New York State"

by Calculated Risk on 5/15/2020 12:35:00 PM

Earlier from the NY Fed: Empire State Manufacturing Survey

Business activity continued to deteriorate significantly in New York State, according to firms responding to the May 2020 Empire State Manufacturing Survey. The headline general business conditions index climbed thirty points, but remained well below zero at -48.5.
...
After plunging last month, the index for number of employees increased nearly 50 points to -6.1, suggesting that after declining sharply last month, employment levels fell somewhat further in May. The average workweek index also increased, but at -21.6, the index pointed to ongoing declines in hours worked.
emphasis added
This was another weak report and suggests activity continued to "deteriorate significantly" in May.