May manufacturing flat in New York

Published: May 15, 2008 at 12:02 PM

NEW YORK, May 15 (UPI) -- Manufacturing activity in New York state declined slightly in May, the Federal Reserve Bank of New York said Thursday.

The bank's general business conditions index -- from data complied from 175 businesses -- fell below the break-even point of zero to a minus 3.2, the bank said.

The drop of 4 points is considered a marginal decline, indicating flat or stagnant business conditions in the state.

New orders fell fractionally, down to a minus 0.5 reading, while the employment index "hovers near zero," the report said.

© 2008 United Press International, Inc. All Rights Reserved.
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