Business conditions reported in the Empire State Manufacturing Survey plunged to minus 31.8 from 10.8 in April.
The May figure missed economists' estimates by a mile, as analysts had predicted minus 5.
It mirrored that of January, which showed the worst performance since the start of COVID-19 in 2020.
The survey found that 49 percent of businesses said conditions declined in May from the month prior. Only 17 percent said conditions got better.
Latest comments