New York Manufacturing Index Plunges Most Since April 2020
- Empire State factory gauge slumped more than 42 points in May
- Nearly half of all respondents cited worsening conditions
A worker sews a polypropylene gown for medical workers in Brooklyn, New York.
Photographer: Mark Kauzlarich/BloombergThis article is for subscribers only.
A gauge of New York state manufacturing activity slumped in May by the most in more than three years as orders and shipments shrank abruptly.
The Federal Reserve Bank of New York’s general business conditions index dropped 42.6 points to minus 31.8 in May, data showed Monday. Readings below zero indicate contraction and the gauge was weaker than all estimates in a Bloomberg survey of economists.