Economy in New York area slowing down

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Manufacturing in the New York region expanded at a slower pace in May than forecast as sales cooled.

The Federal Reserve Bank of New York’s general economic index fell to 19.1 from 31.9 in April, which was the second- highest level in four years. Readings greater than zero signal gains in the so-called Empire State Index that covers New York, northern New Jersey and southern Connecticut.

Full story: Manufacturing in New York Area Slowed as Sales Cooled (Update1) – BusinessWeek