New York Manufacturing Index Unexpectedly Edges Lower In May

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.

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