Empire State index slumps in May to first negative reading since election
Source: MarketWatch
Empire State index slumps in May to first negative reading since election
Published: May 15, 2017 8:42 a.m. ET
New-orders index at lowest level in a year
By GREG ROBB SENIOR ECONOMICS REPORTER
A gauge of New York-area manufacturing slumped back into negative territory in May for the first time since Donald Trump was elected president, according to data released Monday.
The Empire State manufacturing survey fell to negative 1 in May from positive 5.2 in April and far below the 16.4 reading in March, the New York Fed said. (1)
Economists had expected a 7 reading according to a survey by Econoday, in the gauge where readings below zero indicate worsening conditions.
Details were also weak. The new-orders index fell 11.4 points to negative 4.4 in May, its lowest level in a year. The unfilled orders index dropped 16.1 points to negative 3.7. ... The Empire State is the first of the regional manufacturing surveys to be released; the Philadelphia Fed survey comes out Thursday.
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Greg Robb is a senior reporter for MarketWatch in Washington. Follow him on Twitter @grobb2000.
(1) https://www.newyorkfed.org/survey/empire/empiresurvey_overview
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