Manufacturing conditions in New York State for May fell into negative territory for the first time since January, according to the Empire State Manufacturing Survey, a report of state manufacturing activity compiled by the Federal Reserve Bank of New York.
The general business conditions index for May was negative 1.4, down from 3 in April. A reading below zero means that manufacturing activity contracted. The index came in below expectations, as economists polled by Marketwatch.com had expected the reading to remain in positive territory at 3 for this month.
The New York survey typically acts as an early indicator of national manufacturing conditions for the month.