USA: Empire State index still in contraction zone
The index came in at -15.6 versus -14.3 last month, meaning that the pace of contraction even increased slightly.
On the contrary, economists were expecting the pace of contraction to ease, with a consensus of -9.
The new orders sub-index deteriorated to -16.5, from -16.2 in April, as did the number of employees component, which came in at -6.4 after -5.1 last month.
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