New York manufacturing activity has seen a substantial downturn in the month of May, according to a report released by the Federal Reserve Bank of New York on Monday.
The New York Fed said its general business conditions index plunged to a negative 31.8 in May from a positive 10.8 in April, with a negative reading indicating a contraction. Economists had expected the index to drop to a negative 2.5.
Looking ahead, the New York said businesses continued to expect little improvement in conditions over the next six months.
