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(CEP News) - Manufacturing in the state of New York slid back into contraction in May, coming in at -3.2 following a surprising rebound to growth mode in the previous month, according to the Empire State manufacturing survey from the New York Fed.
Economists' forecasts were divided prior to the release, with the consensus looking for the report to come in flat from April's reading of 0.6. The decline was led by negative readings in new orders falling to -0.46 from 0.06, inventories falling to -6.52 from -4.17, and unfilled orders rising to -4.35 from -6.25. The prices paid index was 69.57, above the previous reading of 57.29 with prices received falling to 15.22 from the previous reading of 20.83. The prices paid level was the highest on record since the survey began in 2001. Meanwhile, the employment index rebounded to 1.09 from a flat reading. Before the rise last month, the Empire survey had been in decline for five consecutive months, including an historic low of -22.2 in March. By Patrick McGee,
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and Erik Kevin Franco,
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, edited by Cristina Markham,
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