Ian Shepherdson, chief economist at Pantheon Macroeconomics, said the index's decline was "disappointing, but not disastrous."
New York manufacturing shrank in May as new orders fall →
"Employers are holding tightly onto their staff," said Ian Shepherdson, chief economist at Pantheon Macroeconomics. "This is the flipside of the difficulty they report in finding qualified people."
Applications for U.S. unemployment aid plummet to 42-year low →