New York manufacturing grows at slower pace in March as orders and shipments weaken

Associated Press

Manufacturing activity in New York state expanded at a slightly slower pace in March.

The Federal Reserve Bank of New York says that its Empire State manufacturing index slipped to 6.9 in March from a reading of 7.8 in February. The index for new orders and the index for shipments both declined.

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The survey adds to signs that factory output may be slowing after solid gains for much of last year. The rising value of the dollar has hurt exports by making American-made goods more expensive in overseas markets.