New York manufacturing activity takes nosedive in May

WASHINGTON, May 17 (Xinhua) -- New York state manufacturing activity took a nosedive in May, according to data released this week from the Federal Reserve Bank of New York.

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 Januar