Industrial activity contracted again in May in the New York region, according to the New York Federal Reserve's Empire State index published on Wednesday.

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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