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Manufacturing growth in New York state declined this month, showing contraction, the Federal Reserve Bank of New York said Monday.

The regional Fed’s “Empire State Index,” generally the first economic indicator in a given month, fell to a negative 7.4 reading, 2.8 in August.

Readings above zero indicate expansion, while below that shows contraction. The index averaged 17.2 last year.

Economists had forecast a reading of 1, Bloomberg said. iv id="piano-pw-mid">