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Economic Update: Empire Manufacturing
The Empire Manufacturing Index (designed to indicate the state of the manufacturing sector in the New York region) for May was reported at 11.88, which was well below the consensus expectations for a reading of 20.0.
The index was below the April reading of 21.7 (March: 17.5, February: 15.43, January: 11.92, December: 10.57).
The Prices Paid component (a measure of inflation) soared to 69.89 vs. 57.69 in April.
The Employment Index was reported at 24.73 vs. 23.08 in April.
New Orders fell to 17.19 vs. 22.34
Finally, the 6-month Business Conditions rose to 52.69 vs. 47.44 last month.
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