Empire State Manufacturing index plunges more than expected

Business activity in New York state is slowing down more than expected.

The manufacturing index for May came in at -9.02 after spiking to a 15-month high of 9.56 in April. Economists had expected it at 6.50, according to Bloomberg.

The latest report showed that new orders and shipments declined and their indexes fell below zero. The capital expenditures index fell to its lowest level in over two years.

Employment was little changed, while the work week declined.

After reporting optimism in April, business owners became less bullish about business conditions out to six months.

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