Washington, DC, May 15, 2006--Manufacturing activity in the New York area expanded at a slower pace in May, the New York Federal Reserve Bank said Monday.
The bank's Empire State Manufacturing index fell to 12.4 in May from 15.8 in April. This is the lowest level since June 2005.
The decrease was larger than expected. Economists were forecasting the index to inch lower to 14.6.
Despite the decline, new orders were slightly higher in May. The prices paid index rose again, as did expectations for higher prices in the next six months. The employment index declined moderately
