By Joshua Kirby
Factory activity declined more sharply in New York State this month, a survey showed, defying expectations for a slight improvement.
The New York Federal Reserve's index showed a worsening in general business conditions, slipping to minus 15.6 from minus 14.3 a month ago. This bucked expectations for an uptick to minus 10, according to a poll of economists carried out by The Wall Street Journal.
"Manufacturing conditions remained sluggish in New York State in May, with activity and orders continuing to decline," said Richard Deitz, economic-research adviser at the NY Fed.
New orders continued to fall sharply, the survey showed, suggesting demand remains weak in the state. Shipments, by contrast, improved considerably.
Expectations for the future also became bleaker. The general index on outlook for the coming months fell, as did firms' expectations on orders and shipments.
"Labor-market conditions were also weak, as employment and hours worked both fell," Deitz said.
Write to Joshua Kirby at joshua.kirby@wsj.com; @joshualeokirby
(END) Dow Jones Newswires
05-15-24 0844ET
