According to the Federal Reserve Bank of NY’s Empire State Manufacturing Survey for May, manufacturing “continued to grow at a solid clip in New York State.” The index registered 24.3, a drop of -2.0 points from April’s 3-year high, but still indicative of “sturdy” growth (a reading above 0.0 indicates expansion). New Orders, Shipments and Unfilled Orders were all up. Also up were Prices Paid and Prices Received, which “rose at a record-setting pace” with both setting new record highs, suggesting that inflationary pressures and indications elsewhere in the national economy are being felt by NYS manufacturers. See the full report here.
