New York Manufacturing Retreats to Negative Territory

Source: New York Fed

New York business activity contracted in May, marking the second negative reading in the past three months after the strong growth in the previous month. QQQ is down 0.70%, while SPY is down 0.48%.

• New York manufacturing stood at -11.6 in May, reflecting a 36-point decline, based on results of the latest Empire State Manufacturing Survey.
• Some 20% of respondents reported an improvement in conditions, while 32% said conditions have worsened.
• New orders declined by 34 points to -8.8, while shipments slipped by 50 points to -15.4 after both posting an expansion in the past month.
• The indicator for employees grew by seven points to 14.0, while the workweek index posted a modest increase at 11.9.
• Optimism for the next six months posted a slight decline to 18.0, with hikes in prices and employment expected to continue growing in the coming months.