New York manufacturing activity has seen a substantial downturn in the month of May, according to a report released by the Federal Reserve Bank of New York on Monday.
The New York Fed said its general business conditions index plummeted to a negative 31.8 in May from a positive 10.8 in April, with a negative reading indicating a contraction. Economists had expected the index to drop to a negative 2.5.
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May 01, 2026 15:54 ET Central banks dominated the economics news flow this week with almost all major ones announcing their latest policy decisions and many boosted expectations for a rate hike in June. In other news, several countries released the preliminary data for first quarter economic growth. In the U.S., comments by Fed Chair Jerome Powell were also in focus as his term ends this month.