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Empire State manufacturing survey at -9.02 vs. 7.25 reading expected

Posted by Steve Schram on May 17, 2016 at 10:48 AM

Originally published on May 16, 2016 on CNBC by AP.

Factory activity in New York shrank in May after expanding for two months, as manufacturers received fewer orders and shipments fell.

The Federal Reserve Bank of New York says that its Empire State manufacturing index slumped to minus 9 in May, after reaching 9.6 the previous month. Any reading below zero points to contraction.

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