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New York Manufacturing Contracts for Second Time in Three Months

A worker measures a pocket for a blazer at a clothing factory in the Garment District of New York.

A worker measures a pocket for a blazer at a clothing factory in the Garment District of New York.

Photographer: Jeenah Moon/Bloomberg
Updated on

New York state manufacturing activity unexpectedly contracted in May for the second time in three months, reflecting plunges in orders and shipments.   

The Federal Reserve Bank of New York’s general business conditions index dropped over 36 points to minus 11.6, a report showed Monday. Figures less than zero indicate contraction and the May print fell short of all estimates in a Bloomberg survey of economists. The figures have been volatile in recent months, with the May figures following a growth surge in the prior month.