After jumping to a more than three-year high in the previous month, the New York Federal Reserve’s index of regional manufacturing activity showed a modest pullback in the month of May.
The New York Fed released a report on Monday showing its general [business][1] conditions index dipped to 24.3 in May from 26.3 in April, although a positive reading still indicates growth in regional manufacturing activity.
Economists had expected the index to slip to 23.9 after reaching its highest level since October of 2017 in the previous month.
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