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New York Manufacturing Index Unexpectedly Edges Lower In May

(RTTNews) - The Federal Reserve Bank of New York released a report on Wednesday showing regional manufacturing activity unexpectedly contracted at a slightly faster rate in the month of May.

The New York Fed said its general business conditions index edged down to a negative 15.6 in May from a negative 14.3 in April, with a negative reading indicating contraction. Economists had expected the index to rise to a negative 10.0.

Looking ahead, the New York Fed said optimism about the outlook remained subdued, although firms still expect conditions to improve over the next six months.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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