Manufacturing growth in New York slows

Manufacturing in New York State grew at its slowest pace in five months in May, while U.S. home builders remained deeply pessimistic as buyers stayed away from the market, data released Monday showed.

The Federal Reserve Bank of New York reported that general business conditions of its "Empire State" index fell to 11.88, the lowest level since last December, from 21.70 in April. It was well below economists' expectations of 19.85. Separate data from an industry group showed U.S. home builder sentiment was unchanged at low levels in May. The National Association of Home Builders/Wells Fargo Housing Market index held at 16, the group said. Readings below 50 mean more builders view market conditions as poor than favorable. -- Reuters