Manufacturing firms in New York State reported that business activity was little changed in May. On the heels of positive readings for the prior six months, the general business conditions index retreated six points to -1.0. In all, 26% of respondents—down roughly 10% from the corresponding share in April—reported that conditions had improved over the month, while 27% reported that conditions had worsened. The new orders index fell below zero for the first time in several months, and at -4.4, pointed to a small decline in orders. The shipments index slipped to 10.6, indicating that shipments increased at a slower pace. The unfilled orders index tumbled sixteen points to -3.7. The delivery time index fell nine points to 6.7, a sign that delivery times continued to increase, though less so than last month, and the inventories index fell to -0.7, suggesting that inventory levels were stable.