Empire State Manufacturing Climbs Off Low in May, Expectations Rise

New York, N.Y. (PPD) — The New York Federal Reserve Empire State Manufacturing Survey climbed 30 points in May off the record low to -48.5. That’s the second worst reading in the survey’s history.

While the general business conditions index climbed thirty points from the record low set last month, it came in at -48.5, its second worst reading in the survey’s history.

Forecasts ranged from a low of -80.0 to a high of -50.0. The consensus forecast was -65.0. Meanwhile, New York Governor Andrew Cuomo announced an extension to the lockdown until June.

Fifteen percent (15%) said conditions were better in May, while 63% said conditions had worsened. The new orders and shipments indexes also rose, but remained well into contraction territory at -42.4 and -39.0, respectively.

Manufacturing firms in New York expected business conditions to be better in six months. The index for future business conditions gained 22 points to 29.1. The indexes for future new orders and future shipments also reported significant gains.

Indexes for future employment and the average workweek remained modestly positive. However, capital expenditures and technology spending indexes both remained below zero in contraction territory.