After expanding in April for the first time in nine months, NYS manufacturing plunged over 42 points to -21.7 in May, according to the Federal Reserve Bank of NY’s Empire State Manufacturing Survey (a reading below 0.0 is consistent with contraction). The results stymied any optimism that April may have engendered, suggesting a NYS manufacturing recession is continuing, at least on a macro level, even as individual manufacturers continue to do well. See the full report here.
