The report from the New York Federal Reserve showed on Monday that manufacturing activity in the New York region continued to grow in early May, albeit at a slightly slower pace than in April.

According to the survey, the NY Fed Empire State manufacturing index fell from 26.3 in April to 24.3 in May, pointing to a continuation of a solid business activity growth in the region.

Economists had expected the index to come in at 23.9.

Anything below zero signals contraction.

According to the report, the new orders index rose 2.0 points to 28.9, a multi-year high, and the shipments index rose 4.7 points to 29.7, pointing to another month of strong gains in orders and shipments. Meanwhile, the delivery times index fell 4.5 points, but at 23.6, it held near its record high from last month, pointing to significantly longer delivery times. The employment index edged down 0.3 points to 13.6, indicating a modest rise in employment. On the price front, both price indexes reached record highs: the prices paid index climbed 8.8 points to 83.5, and the prices received index went up 2.2 points to 37.1.