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New York State Manufacturing Contracts for a Second Month

A gauge of New York state manufacturing activity unexpectedly contracted for a second month in June, while a measure of inflationary pressures at producers picked up. 

The Federal Reserve Bank of New York’s general business conditions index improved to minus 1.2 from minus 11.6, a report showed Wednesday. A reading below zero indicates contraction, and the June figure fell short of the median estimate of 2.3 in a Bloomberg survey of economists.