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New York manufacturing index unexpectedly turns negative in May

Staff Writer | May 15, 2017
Activity in the New York manufacturing sector has unexpectedly seen a modest contraction in the month of May, according to a report released by the Federal Reserve Bank of New York on Monday.
New York manufacturing
Empire State   Activity in the New York manufacturing sector
The New York Fed said its general business conditions index fell to a negative 1.0 in May from a positive 5.2 in April, with a negative reading indicating a contraction in regional manufacturing activity.

The index's pullback into negative territory came as a surprise to economists, who had expected the index to rise to a positive 7.0.