New York manufacturing gauge drops sharply in May

The pace of growth in manufacturing in New York state slowed in May one month after reaching the best conditions in a year, according to a survey of executives released Monday by the New York Fed.

The Empire State manufacturing survey fell sharply to 11.9 in May from a reading of 21.7 in April. The April reading was the highest level in a year. The index has now sunk to its lowest level since December.

The size of the decline surprised economists. Analysts polled by MarketWatch had expected a dip to 19.7. See MarketWatch calendar with forecasts of key indicators.

Read Full Article from MarketWatch

- Posted: 2011-05-16 10:52:31

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