New York state factory activity slumps in May

　　div classBodysc17zpet90 cdBBJodivpWASHINGTON Reuters – Factory activity in New York state slumped in May for the third time this year amid a collapse in new orders and shipments, and manufacturers were slightly upbeat about business conditions over the next six months.p

　　pThe New York Federal Reserve said on Monday its “Empire State” index on current business conditions tumbled 36.2 points to a reading of 11.6 this month. A reading below zero signals a contraction in the New York manufacturing sector. pdivdivdiv classBodysc17zpet90 cdBBJodiv

　　pManufacturers reported a sharp decline in orders. The surveys new orders index collapsed 33.9 points to a reading of 8.8. There were also massive decreases in shipments and unfilled orders measures. Factories continued to wait long periods for supplies to be delivered, keeping prices elevated.p

　　pManufacturers were mildly optimistic about the outlook for the next six months. The index for future business conditions rose 2.8 points to a reading of 18.0. The capital expenditures index fell 6.4 points to 25.4.p

　　pThis story refiles to correct first paragraph to show activity slumped for the third time this year and not second timep

　　Reporting by Lucia Mutikanip

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