The pace of manufacturing growth in New York state slowed sharply in April to its lowest level in five months, the New York Federal Reserve said in a report on Monday.
The New York Fed’s “Empire State” general business conditions index dropped to 6.56 from 20.21 in March, far below economists’ expectations for 18.00. It was the lowest level since last November.
The survey of manufacturing plants in the state is one of the earliest monthly guideposts to U.S. factory conditions. After a rout last summer, manufacturing in New York had been improving steadily since last October.
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