US Empire State Manufacturing general business condition dropped to 24.3 in May, down from 26.3, above expectation of 24.0.
Looking at some details, new orders rose from 26.9 to 28.9. Shipments rose from 25.0 to 29.7. Delivery time dropped from 28.1 to 23.6. Inventories dropped from 11.6 to 7.1. Price paid rose form 74.7 to 83.5. Prices received also rose from 34.9 to 37.1. Number of employees dropped slightly from 13.9 to 13.6. Average employee workweek rose notably from 12.7 to 18.7.
New York Fed noted that “manufacturing activity grew at a sturdy pace”. “Both price indexes reached record highs”.
