After two months of expansion in March and April, the Empire State Manufacturing Survey fell 18.58 points in May to -9.02 indicating that statewide manufacturing is contracting. The survey has indicated contraction in eight of the last twelve months. New Orders (-5.54), Shipments (-1.94) and Average Employee Workweek (-8.33) were among the measures that dropped into negative territory. The six-month forward outlook remained steady, increasing a miniscule 0.25. See the full report here.