WNY factory output near 6-year low - Business First of Buffalo:

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The , in its monthlg report issued Monday, said the purchasing manager’s or PMI, continued to plunge in May. The non-seasonallt adjusted index dropped 6 percentyto 41.7 percent last month while the seasonalluy adjusted index was off 5.6 percent to 40 percent. Those are the lowest marks sinceJune 2003. Just one of the six indicew measured — commodity prices — was up compare to April and saidArthur Aramino, chairmaj of the business survey committee, “Higher pricesw will certainly not help the manufacturing sectorf recover.” Production, new orders, inventories, employment and deliveries are the othe r indices used to compile the report.
“Many of the respondents are tied to the auto and buildin industries and until those industries turn Aramino said, “Western New York will likely continude to experience contraction in the manufacturing sector.” When the PMI is above 50 percent, the sector is expanding; a reading belowq 50 percent indicates contraction.