By Greg Robb
WASHINGTON (MarketWatch) - Manufacturing activity grew in the New York region in May at a slower pace than in April, according to the Empire State manufacturing survey released Monday by the New York Fed. The Empire State index fell to 11.9 in May from 21.7 in April, which was the highest level in a year. The drop in May was larger than expected. Economists polled by MarketWatch expected the index to inch lower to 19.7 in May. The index is now at its lowest level since December. The decline was driven by fewer businesses reporting that conditions improved over the month. In addition, the new orders index fell to 17.2 in May from 22.3 in April, while the shipments index fell to 25.6 from 28.3. The two employment indexes were stronger. The prices paid index rose to 69.9, its highest level since August 2008.
