Manufacturing in New York hits 7-month low
Robert Downen is reporting in the Times Union manufacturing activity in the state of New York fell this month to its lowest level since October, falling far short of expectations, the New York Federal Reserve said Mon., May 15. The monthly Empire State Manufacturing Survey dropped to minus 1 in May, the first negative reading under President Donald Trump. New orders decreased by more than 11 points, to minus four point four, and unfilled orders fell 16 points, to minus three point seven. Ian Shepherdson, chief economist at Pantheon Macroeconomics, told the Associated Press the decline was "disappointing, but not disastrous." The poor readings followed six months of strong growth, believed to have been connected to warmer seasonal weather and other global market changes. Read the full story in the Times Union.