WASHINGTON (dpa-AFX) - A report released by the Federal Reserve Bank of New York said regional manufacturing activity continued to decline modestly in the month of May.
The New York Fed said its general business conditions index edged down to a negative 9.2 in May from a negative 8.1 in April, with a negative reading indicating contraction. Economists had expected the index to dip to a negative 10.0.
Looking ahead, the New York said firms remained pessimistic about the outlook, although the future general business conditions index climbed to a negative 2.0 in May from a negative 7.4 in April.
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