New York Empire State factory gauge plummets in May deep into negative territory

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New York Empire State factory gauge plummets in May deep into negative territory
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Fed’s New York regional factory gauge plummets in May

The numbers: The New York Fed’s Empire State business conditions index, a gauge of manufacturing activity in the state, plunged 42.6 points in May to negative 31.8, the regional Fed bank said Monday.Any reading below zero indicates deteriorating conditions.

The shipments index fell 40.3 points to negative 16.4, almost reversing a 37.3 gain in the prior month.The measure of expectations six months ahead ticked up 3.2 points to 9.8 in May.

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