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New York manufacturing activity expanded at a slower rate in the month of June, according to a report released by the Federal Reserve Bank of New York on Tuesday.

The New York Fed said its general business conditions index fell to 17.4 in June from 24.3 in May, although a positive reading still indicates growth in regional manufacturing activity. Economists had expected the index to dip to 22.0.

Looking ahead, the New York Fed said firms remained optimistic that conditions would improve over the next six months, with the index for future employment reaching a record high.


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