The Empire State Manufacturing Survey indicates manufacturing activity expanded in New York at a moderate pace. The general business conditions index rose 11 points to 17.1. The new orders index inched up to 8.3, and the shipments index shot up 18 points to 24.1.
The indexes for both prices paid and prices received were positive but lower in May, indicating the pace of price increases slowed.
Employment index readings remained relatively healthy, suggesting employment levels and hours worked continued to expand. Future indexes were noticeably lower than last month, indicating a positive but somewhat less optimistic view of the six-month outlook.