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After reporting an unexpected slowdown in the pace of growth in New York manufacturing activity in the previous month, the Federal Reserve Bank of New York released a report on Monday showing growth picked up somewhat in April but remained fairly subdued.

The New York Fed said its headline general business conditions index climbed to 10.1 in April after falling to 3.7 in March, with a positive reading indicating growth in regional manufacturing activity. Economists had expected the index to rise to 6.0.