Growth at New York state factories turned negative in May as the New York Federal Reserve Bank’s “Empire State” index slipped to a two-year low for the second consecutive month.
The May headline index defied forecasts for an increase and instead slipped to -11.11, below the zero threshold that delineates growth from contraction in the survey. The New York Fed also revised the April figure downward to 2.03 from 3.12 last month. The median forecast had pegged the May number at 10.5.
