Empire Manufacturing: Prior 21.7, Market Expected 18, actual 11.9

Lowest growth rate in 5 months….

“A gauge of manufacturing in New York State tumbled much more than expected in May to its lowest level in five months, while prices paid rose sharply, the New York Federal Reserve said in a report on Monday.

The New York Fed’s “Empire State” general business conditions index fell to 11.88 from 21.70 in April. It was the lowest level since December 2010 and well below economists’ expectations of 19.85.

The prices paid index jumped to 69.89 from 57.69, the highest level since July 2008. Roughly 70 percent of respondents reported price increases and none reported declines, the report said.

Employment gauges showed some strength. The index for the number of employees rose to 24.73 from 23.08 the month before. It was the highest level since May 2004. The average employee workweek index jumped to 23.66 from 10.26.

The survey of manufacturing plants in the state is one of the earliest monthly guideposts to U.S. factory conditions.”

Full report