WASHINGTON (dpa-AFX) - Growth in New York manufacturing activity slowed by more than expected in the month of October, the Federal Reserve Bank of New York revealed in a report on Thursday.
The New York Fed said its general business conditions index slid to 10.5 in October from 17.0 in September.
While a positive reading still indicates growth in regional manufacturing activity, economists had expected the index to show a much more modest drop to 15.0.
Looking ahead, the New York Fed said firms remained optimistic conditions would improve over the next six months, although optimism was somewhat lower than last month.
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