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“Manufacturing activity continued to contract in New York State in April, and employment continued to decline,” said Richard Deitz, Economic Research Advisor at the New York Fed. “Optimism about the outlook for future business conditions remained subdued.” The report also showed an uptick in inflation pressures. “The prices paid index moved up five points to 33.7, indicating that input price increases picked up slightly, and the prices received index held steady at 16.9.”