WASHINGTON (Reuters) – Manufacturing output contracted in May for the second time in three months and a gauge of factory activity in New York state plunged this month, worrisome signs the American economy is cooling. Factory production shrank 0.4 percent last month, the Federal Reserve said on Friday. Total industrial output, covering factories, mines and utilities, declined 0.1 percent. Analysts polled by Reuters had expected industrial production to rise 0.1 percent. The slackening U.S. …

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