Manufacturing activity in the New York region improved at a slower pace in May, the New York Federal Reserve Bank said Monday. The bank's Empire State Manufacturing index decelerated to 19.1 in May from 31.9 in April. The drop suggests the pace of growth slowed in May. New orders and shipments moved lower but remained in positive territory.
The index for the number of employees rose to its highest level since 2004.The Empire State index is of interest to investors and economists primarily because it's seen as an early indicator of what the Institute for Supply Management's May national factory survey due out in two weeks may show. In April, the ISM manufacturing index showed continued good news for manufacturers, jumping to 60.4, the first time it had exceeded the 60 threshold since June 2004.
Source: NY Fed