WASHINGTON (dpa-AFX) - Activity in the New York manufacturing sector unexpectedly grew at a slower pace in the month of January, the Federal Reserve Bank of New York revealed in a report released on Friday.
The New York Fed said its general business conditions index slipped to 3.5 in January from 4.9 in December, although a positive reading still indicates growth in regional manufacturing activity. Economist had expected the index to inch up to 6.0.
Looking ahead, the New York Fed said firms remained optimistic that conditions would improve over the next six months.
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