The Empire State Manufacturing Survey general business-conditions index plunged 36 points to -11.6, pointing to contraction in manufacturing activity.
The index — the monthly gauge on New York’s manufacturing sector — had climbed by the same number of points to 24.6 in April.
The May reading — based on firms responding to the survey — indicates business activity “declined” in New York, the Federal Reserve Bank of New York said in its Monday report.
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A negative index reading shows a decline in the sector, while a positive number indicates expansion or growth in manufacturing activity.
The survey found 20 percent of respondents reported that conditions had improved over the month, while 32 percent said that conditions had worsened, according to the New York Fed.
The Federal Reserve Bank of New York distributes the Empire State Manufacturing Survey on the first day of each month to the same pool of about 200 manufacturing executives in New York. On average, about 100 executives return responses.
