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March 15 (Reuters) – The New York Federal Reserve announced Friday that its barometer of economic activity in the state of New York had dropped unexpectedly in March, reaching its lowest level in 22 months , driven by the drop in new orders and shipments.
The Fed's Empire State Index on current economic conditions has risen from 8.8 in February to 3.7. Analysts polled by Reuters expected a reading of 10.0 for March.
The March figure, which was the lowest since May 2017, indicated "that growth has remained a bit slower this year than it has been for most of 2018," the statement said. NY Fed in a report on the latest data.
The new orders component of the New York Fed's survey fell from 7.5 to 3.0 this month, while its barometer of shipments rose from 10.4 to 7.7.
Meanwhile, the survey's employment index went from 4.1 the previous month to 13.8 in March. (Report by Richard Leong, edited by Jonathan Oatis)
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