The New York Federal Reserve said its Empire State Manufacturing Index came in at a negative 1.4 for May. This was down from a positive 3.1 in the previous month.
Economists had expected the index to rise to a reading of positive 3.75.
The Empire State Index measures manufacturing activity in New York State. Any reading above zero indicates expansion. The survey is considered a key regional factory survey, providing an important look at the health of the manufacturing sector.
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