Economic Report: Empire State index slumps in May to first negative reading since election

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Nicole Austin, head distiller and chemist of the Kings County Distillery, New York City’s oldest operating whiskey distillery

A gauge of New York-area manufacturing slumped back into negative territory in May for the first time since Donald Trump was elected president, according to data released Monday.

The Empire State manufacturing survey fell to negative 1 in May from positive 5.2 in April and far below the 16.4 reading in March, the New York Fed said.

Economists had expected a 7 reading according to a survey by Econoday, in the gauge where readings below zero indicate worsening conditions.

Stock futures ESM7, +0.15% trimmed gains after the data was released, suggesting a sluggish start when the stock market SPX, +0.25% opens.

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