Economic Buzz: Manufacturing Activity In New York Contracts

17 May 2022 , 09:41 AM

New York manufacturing activity unexpectedly contracted in the month of May, according to a report released by the Federal Reserve Bank of New York. The New York Fed said its general business conditions index plunged to a negative 11.6 in May from a positive 24.6 in April. A negative reading indicates a contraction in regional manufacturing activity. Looking ahead, the New York Fed noted firms expressed less optimism about the six-month outlook than they did earlier this year.Powered by Commodity Insights