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Factory activity in New York region slows in July

FILE - In this Thursday, June 30, 2016, file photo, people walk beneath the Brooklyn Bridge as the sun peeks through one of the bridge's granite towers, at Brooklyn Bridge Park in New York. On Friday, July 15, 2016, the Federal Reserve of New York releases its July survey of manufacturers in the state. (AP Photo/Kathy Willens, File) FILE - In this Thursday, June 30, 2016, file photo, people walk beneath the Brooklyn Bridge as the sun peeks through one of the bridge's granite towers, at Brooklyn Bridge Park in New York. On Friday, July 15, 2016, the Federal Reserve of New York releases its July survey of manufacturers in the state. (AP Photo/Kathy Willens, File)

By Associated Press July 15, 2016 1 min read

WASHINGTON (AP) – Manufacturing activity in New York slowed in early July after a big gain in the previous month.

The Federal Reserve Bank of New York says that its Empire State manufacturing index slowed to a reading of 0.55 in July after a reading of 6.01 in June. Any reading above zero points to expansion.

The weaker July reading reflected in part a big drop in new orders to factories in New York state. That index showed a minus 1.82 reading after a reading of 10.90 in June.

Nationwide manufacturing over the past year has struggled as a weak global economy has dampened demand for U.S. exports and the strong dollar has made American goods more expensive on overseas markets.