New York manufacturing activity takes nosedive in May

WASHINGTON, May 17 (Xinhua) -- New York state manufacturing activity took a nosedive in May, according to data released this week from the Federal Reserve Bank of New York.

Business conditions reported in the Empire State Manufacturing Survey plunged to minus 31.8 from 10.8 in April.

The May figure missed economists' estimates by a mile, as analysts had predicted minus 5.

It mirrored that of January, which showed the worst performance since the start of COVID-19 in 2020.

The survey found that 49 percent of businesses said conditions declined in May from the month prior. Only 17 percent said conditions got better.