The Empire State manufacturing survey for May is out. General Business conditions are showing a slow down, a drop of 13 points in a month to an overall positive number, 19.1.

The actual seasonally adjusted index for employment increased 22.37 from 20.25 last month.

The index for number of employees rose for a fifth consecutive month, reaching its highest level since 2004.

New orders implies a slow down in the New York area manufacturing growth. The index dropped to 46.84 from 39.47. Inventories also dropped, from 11.39 last month to 1.32 in May.

The general business conditions index fell 13 points, to 19.1. Similarly, the new orders and shipments indexes also moved lower but remained at positive levels. The inventories index dropped back to a level near zero after rising into positive territory in March and April.

Manufacturers in New York are paying more and getting less with prices paid rising 2.93 in the index yet prices received dropped to 5.26 from 6.33.

The prices paid index continued to climb, reaching its highest level of the year, while the prices received index was little changed and positive.

The 6 months out projections imply NY Manufacturers expect prices to be flat and they get more money for their stuff. They also expect employees to be flat or slightly drop with the hours worked to increase.