The New York Federal Reserve released its survey on Friday. The NY Fed Empire State manufacturing index rose to 3.09 in May from -1.19 in April, missing expectations for an increase to 5.0.

The increase was driven by a rise in new orders. The new orders index climbed to 3.9 in May from -6.0 in April.

The price-paid index decreased to 9.38 in May from 19.15 in April.

The index for the number of employees decreased to 5.21 in May from 9.57 last month.

The general business conditions expectations index for the next six months was down to 29.81 in May from 37.06 in April.