The pace of growth in New York state manufacturing slowed more than expected in April as new orders tumbled, the latest data to suggest the economy lost some steam heading into the second quarter, data from the New York Federal Reserve showed on Monday.
The New York Fed's "Empire State" general business conditions index fell to 3.05, from 9.24 in March, short of economists' forecasts for a smaller decline to 7.
New orders dropped to 2.20 from 8.18. Inventories improved modestly though still remained in contraction territory, rising to minus 4.55 from minus 5.38. Prices paid rose to the highest level since May 2012, at 28.41 from 25.81.
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