The Federal Reserve Bank of New York released a report on Wednesday, indicating that regional manufacturing activity unexpectedly decreased at a slightly higher rate in May.
The report revealed that the New York Fed's general business conditions index dipped to -15.6 in May from -14.3 in April. A negative reading signifies contraction, contrary to economists' predictions that anticipated the index to improve to -10.0.
Looking towards the future, the New York Fed noted that optimism about the economic outlook remained muted. However, firms continue to anticipate an improvement in conditions over the next six months.
