New York factories in slowdown

Manufacturing growth in New York State slowed much more than expected in May to its slowest pace in five months. General business conditions fell in the Empire State index, down to 11.88 from 21.70 in April, the lowest level since December 2010 and well below economists’ expectations of 19.85. New orders also dropped, yet employment in the factory sector actually rallied. The prices paid index hit its highest level since July 2008.