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New York manufacturing index unexpectedly turns negative in May

Staff Writer |
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.

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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.

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