New York manufacturing activity unexpectedly expanded at a slower rate in the month of November, according to a report released by the Federal Reserve Bank of New York on Monday.
The New York Fed said its general business conditions index fell to 6.3 in November from 10.5 in October. While a positive reading still indicates growth in regional manufacturing activity, economists had expected the index to rise to 13.5.
Looking ahead, the index for future business conditions held steady at 33.9, suggesting that firms remained optimistic about future conditions.
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