The Empire State Manufacturing Survey “indicates that manufacturing activity in New York deteriorated slightly in May,” the Federal Reserve Bank of New York yesterday reported.

The general business conditions index slipped back into negative territory, at negative 3.23 in May after posting a positive 0.63 reading in April, the Fed reported.

Economists surveyed by IFR Markets had expected the index would be zero.

The general business conditions index, based on expectations of conditions six months from now, rose to 23.88 from 19.57 last month.

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