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New York manufacturing activity saw significantly slower growth in the month of August, according to a report released by the Federal Reserve Bank of New York on Monday.

The New York Fed said its general business conditions index plunged to 18.3 in August from 43.0 in July. While a positive reading still indicates growth, economists had expected the index to show a much more modest drop to 30.0.

Looking ahead, the New York Fed said firms remained optimistic that conditions would improve over the next six months, with substantial increases in employment and prices expected.


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